The owners of the new Ellis Brothers store in downtown Binghamton are seeking a $400,000 loan from the city.

The Binghamton Local Development Corporation has approved the loan, which is to be used for the heating, ventilation and air conditioning system and a solar energy installation.

Mayor Richard David said the owners of the store in the former J.C. Penney building have invested millions of dollars to make improvements to the property.

On WNBF Radio's Binghamton Now program, David said "we're providing a loan to just basically finalize the project."

The proposed loan was discussed at a city council work session Monday. Lawmakers still must give final approval to the plan

The new Ellis Brothers store at Court and Hawley streets has been open for several weeks.

The family-owned business considered a range of options after a store on Water Street was destroyed by fire in April 2014.

Ellis Brothers plans to consolidate its Binghamton operations at the new store in the weeks ahead.

A store the company now operates at 159 Washington Street is to be closed. The property is expected to be sold with the owner planning to develop apartments in the building.

A view inside the Ellis Brothers store on Court Street. (Photo: Bob Joseph/WNBF News)

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