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OLEAN – Olean School Board members may have a potential buyer for the former Ivers J. Norton Elementary School on Henley Street.

Because negotiations are early, no names, purchase price or use for the historic building have been disclosed. Paul Kniser, head of the board’s Building and Grounds Committee, said the proposal has been forwarded to Superintendent Colleen Taggerty.

“We received a written offer on the property. The minimum purchase price was met,” Kniser told members of the board, who met Tuesday.

Taggerty noted that more information will be released as talks progress.

Community Bank had expressed interest in buying the old school and converting it into a loan-processing office. However, the deal collapsed last May after project bids came in higher than expected. The bank had been prepared to pay $205,001 for the property.

Since then, the district has been seeking suitors for the old school, even considering the broader audience of eBay and luring regional developers. The building, which has been maintained, is currently being used for storage.

In other developments:

• The board has approved spending more money on the resurfacing of the track at Olean Intermediate Middle School on Wayne Street. The project – resurfacing the track and tennis courts, which are about 15 years old – was projected to cost $230,000. However, the scope of the work was expanded to include upgrades to the high school auditorium, pushing the project cost to $300,000. Also, following the discovery of a depression in the track, the price tag for the resurfacing increased another $3,200.

• Board member John Bartimole announced that the board is considering cutting meetings from two per month to one. The new policy, he said, would not preclude scheduling meetings in the event of emergencies or to consider pressing issues.