Hopewell council approves $500,000 purchase of downtown bank site; adopts city and school budgets, pay-step plan and several ordinances

Hopewell City Council on May 9 voted 5-0 to buy the former Bank of America branch at 101 City Point Road for $500,000 and approved a package of budget, personnel and regulatory measures.

City staff said the purchase is intended as a short-term, city-controlled investment to position the corner lot for redevelopment as a retail food-and-beverage drive‑through to increase future tax revenue. During a public hearing, multiple residents urged caution and opposed the purchase because of the city’s recent fiscal strain; council approved the resolution after the hearing.

City staff presentation and council action Charles Bennett, staff member, presented the public hearing materials and explained the city submitted a $500,000 bid that Bank of America accepted but conditioned the sale on the city’s appropriation of funds; Bennett told council the contract language makes the sale null and void if public funds are not appropriated. Bennett described the site as roughly one acre in the B‑1 downtown zoning district, with a 3,773‑square‑foot brick building, four drive‑through lanes and 10 parking spaces (two ADA accessible). He said the property has been assessed as high as $750,000 in past years and currently produces about $6,000 a year in real‑estate tax revenue in its existing use.

“What we would like to do is purchase this property with savings from fiscal year 2025 and reposition it specifically for a retail establishment with drive‑through…