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Rutherford County moves to pursue downtown Bank of America building with $9.5 million authorization
Summary
The County's property-management team secured a signed letter of intent to buy the Bank of America building for $9.2 million and the commission approved up to $9.5 million to cover purchase and due diligence costs, with a 120-day inspection period and staged nonrefundable earnest-money payments.
Rutherford County commissioners voted to approve advancing a negotiated purchase of the Bank of America building downtown, authorizing up to $9,500,000 to cover a $9,200,000 purchase price and related due diligence, inspections, permitting and closing costs.
County staff said the seller signed a letter of intent and the county would place $50,000 in refundable earnest money at contract signing, start a 120-day inspection period, and — if the county elects to proceed into permitting — place an additional $50,000 nonrefundable payment to enter that phase. The contract allows for three 30-day permitting extensions, each tied to additional nonrefundable payments, and the county’s total funding authorization of $9.5 million includes a modest contingency for inspections and closing costs.
The purchase, as presented, covers a property the staff summarized as roughly 1.25 acres with between about 27,000 and 35,000…
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