SLIPPERY ROCK — Borough officials say they have begun the process of purchasing the former First National Bank parcel on 100 S. Main St., calling the decision a move to preserve a vital public parking area in town.

In a press release Wednesday the municipality said the process of funding the purchase — a cost of $250,000 — could take several months. Borough Administrator Lucinda Lipko said that borough officials were still considering what lender or lenders to use to finance the purchase.

Because officials would be taking out a loan to pay for the property, the borough also has to complete a series of procedural moves before council members could approve taking on the debt.

But borough officials, in their release, say they’re prepared to do that and believe the land in question, which holds a public parking lot, is vital to the survival of Slippery Rock’s business community.

“It is our belief that the survival of our business community would be seriously jeopardized if the borough were to lose the parking facility between Main and Elm streets, and would therefore jeopardize the livelihoods of employers and employees in our community,” the borough’s release states.

Lipko said officials are still discussing what might be done with the former FNB building, which remains on the South Main Street property.