The Boothbay selectmen need three questions answered before exercising the town’s option to purchase the post office building at 16 Corey Lane.

The selectmen want more details about the lease between the U.S. Postal Service and the building’s owner; to see if the timetable for triggering the town’s right of first refusal can be delayed; and to ask the postal service if it would extend the lease agreement for at least five more years.

The selectmen won’t commit to exercising their option until they have answers to these questions.

The board discussed purchasing the property during its Sept. 23 meeting.

Town Manager James Chaousis said the building’s owner, Paul Weaver, notified him on Sept. 19 about selling the property.

In 2010, the town negotiated a right of first refusal to purchase the half acre property bordering the municipal building.

Weaver lives in Wenham, Massachusetts, and recently sold his vacation home in Boothbay Harbor. Town Manager James Chaousis speculated Weaver was anxious to divest himself of his remaining local property.

Weaver proposed last week to sell the property at the current assessed value of $120,300; and he suggested forgoing independent real estate appraisals to save time and money for both parties.

Weaver’s proposal sparked the selectmen’s interest. The board indicated a desire to purchase the property under the right conditions.

The selectmen believe owning the property would be beneficial in two areas: The purchase would boost economic development in the village area and provide the town with more input on the post office’s future location.

Town officials believe the post office’s current location contributes to the traffic problems near the four-stop intersection on Route 27. The board thinks the lot that used to have the animal hospital facility is a better location.

“If we convert (the current post office) into office space, I think it would be really appealing for commercial use,” said Selectman Steven Lewis. “A business which has the town and post offices as neighbors would make the location an extremely attractive spot.”

If the town purchases the property, the selectmen don’t envision moving the post office for several years. The postal service still has three remaining on its lease, according to Chaousis. The selectmen hope to extend the current lease agreement. The postal service pays $17,787 in rent per year. The selectmen proposed extending the lease for an additional five years.

The selectmen believe the rental fees over the next 5-8 years would make the purchase economically viable. The board also considered using tax increment financing (TIF) funds to buy the property.

“We’re not committing to anything at this point. We just want to see what our options are,” Lewis said. “But if the information turns out to be favorable, it looks like a pretty good deal for the town.”

Under the right of first refusal agreement, once Weaver notifies the town in writing of his intention, the selectmen have 45 days to respond. The town would have another 90 days to schedule a town meeting if the selectmen wanted to purchase the building.

The selectmen want to first explore extending the lease agreement with the post service, and see if Weaver can wait until May, so voters can decide at the town meeting whether to purchase the property.