The clock is leased to People's United Bank, and according to the bank's Director of Real Estate Services Bob Peterson, it should be fixed in the next couple of weeks.
He said they're working with Green Mountain Clock Shop to get the clock ticking again, but it's not going to be cheap.
"It's in the neighborhood of $10,000," Peterson said.
The mechanics of the clock are located in the building next to the clock, where the People's United cash machine resides.
A few years ago, Peterson said, the guts of the clock were replaced, but they wouldn't fit in the old location and were moved into the basement.
Peterson said he wasn't working for the bank when that decision was made, and when the North Branch swelled on May 27 and 28, flooding downtown Montpelier, it proved to be a bad idea.
Now he said they're looking for a location, not in the basement, to put the clock mechanics.
It's part of the lease agreement that the bank keep the clock running, and Peterson said the plan is to get it running again this Fall.
Tropical Storm Irene has forced the bank to focus on other issues around the state, he said.
The city's Planning and Zoning Administrator Clancy DeSmet said that the clock is grandfathered into the zoning rules and regulations.
Under the current rules, he said, the clock wouldn't be permitted in downtown Montpelier.
The marquee at Capitol Theatre, the New England Culinary Institute's "restaurant" sign, and the canopy that hangs over the sidewalk in front of the Capitol Plaza Hotel are also grandfathered in.
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