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Bedford County agrees to buy Hometown Bank building, authorizes $1.056 million general obligation note
Summary
Commissioners approved an agreement to buy the courthouse-adjacent building used by county departments for $1,040,000 plus costs and enacted an ordinance authorizing a $1,056,000 general obligation note; bond counsel summarized initial terms: 4.99% fixed interest until Oct. 9, 2030, then variable.
Bedford County commissioners voted to purchase the Hometown Bank building at 220 South Thomas Street in Bedford and authorized financing through a general obligation note.
Jennifer Karen, bond counsel working with the county, told commissioners the ordinance authorizes a general obligation note in the principal amount of $1,056,000 to finance the building purchase and related costs. She said the bank’s purchase proposal was accepted and the note’s interest rate will be fixed at 4.99% initially and convert to a variable rate on Oct. 9, 2030.
Commissioners approved an agreement of sale with Hometown Bank of Pennsylvania for the property at a purchase price of $1,040,000 plus costs. County officials said the building currently houses Bedford County Children and Youth Services across three floors and that consolidating office space improved operations after earlier rent and space constraints.
The ordinance and sale were presented together; Jennifer Karen said the note form and sale terms are included as exhibits to the ordinance and that the county accepted Hometown Bank’s proposal to purchase the note. Commissioners carried the motion to enact the ordinance and the motion to approve the agreement of sale.
Ending: County staff said the purchase will simplify office space needs for Children and Youth Services and related programs and that closing and financing steps will follow the approved ordinance and note documents.
