NORWICH – The prospective buyer of the Eaton Center in Norwich could be offered a payment in lieu of taxes agreement from the Chenango County Area Corporation, the current owners of the complex.

A public hearing to discuss the scope of the project will be held at 3:15 p.m., Dec. 20 at the Chamber’s second floor offices. The former site of Procter and Gamble Pharmaceuticals headquarters is on Eaton Avenue.

Pennsylvania businessman Randal Hadeed secured an option to purchase the 200,000 square foot office building earlier this month. Hadeed is the founder and president of eAuction Solutions, an online auction management company that liquidates stock for large clothing stores. His plans are to relocate his business in Norwich and create 75 clerical and sales jobs with a combined annual payroll of roughly $624,000.

Such an agreement could be structured in any number of ways. Members of the Chenango County Industrial Development Agency discussed Monday scenarios whereby Hadeed could pay 50 percent of the property’s taxes over a 10 year period. At a rate of around $60 per $1,000 of assessed value, for example, that would produce a savings of about $462,000.

The Chamber’s Economic Development Director Maureen Carpenter said the prospective buyer would use the time period and savings to make capital improvements to the building.