LEVERETT — A future overhaul of the historic North Leverett Sawmill, possibly into a museum of 18th to 21st century industry, is receiving a multi-year grant in support of the project.

Greenfield Cooperative Bank announced this week that it is donating $20,000 to the Friends of the North Leverett Sawmill to rehabilitate the building that dates back to around 1760 and to develop the green area into a community parkland and walkway through the industrial past.

Greenfield Cooperative Bank President Tony Worden said the donation comes as the town is nearing its 250th anniversary celebrations in 2024.

“The Friends of the Leverett Sawmill bring expertise in many areas to accomplish this project, and we look forward to following its progress,” Worden said.

Sidney Poritz, president of the Friends group, said the nonprofit is thrilled to receive the money and to work with the bank on the project.

Over its more than two centuries in operation, the mill, at the corner of Cave Hill and North Leverett roads, provided timbers for sailing ships, war ships, housing, churches and commercial ventures. Also known as the Slarrow Mill, it stopped operating entirely in the early 1990s.

The formation of the Friends group came after the town opted against assuming fiscal responsibility, due to the potential cost to taxpayers, and the liability associated with the dam. The property was then donated by the Kirley family, the most recent among a long line of owners.

The nonprofit intends to protect the adjacent dam and mill pond, while at the same time making 2.6 acres nearby, containing the stone remains of the 1800s Graves ironworks building and its historic levee, part of a trail system.

At Annual Town Meeting in April, voters approved a request to use $82,082 in Community Preservation Act money for the Heritage Park and Nature Trail.

Fundraising is continuing, while the Friends are also relying on various grants, including one that will help develop a sustainable operational plan that covers ongoing maintenance and expenses as well as hire a design company; and the other for systems replacement to identify the building’s electricity and plumbing needs.

Scott Merzbach can be reached at smerzbach@gazettenet.com.