Alamance County commissioners voted to authorize the county to enter a purchase contract for the former Bank of America building on South Main Street so the county can hold the property for the Tourism Development Authority (TDA).

Brian Baker, assistant county manager, told the board the county had reached an agreement with Bank of America “to sell this for their appraisal price.” He described an arrangement in which the county would acquire the building using TDA funds, hold the property and lease it to the TDA for 20 years at no cost. “This building would be used for the Tourism Development Authority,” Baker said.

TDA representatives told the board the authority seeks a visible location near the interstate to attract visitors and organizers. A TDA speaker reported recent financials showing roughly $947,000 in revenue and $813,000 in expenditures for the period cited, with a fund balance of about $2,300,000, which the TDA said supports the purchase.

County staff noted the building’s taxable value is roughly $1,100,000 and that the current annual tax payment to the county is approximately $5,471.44; commissioners observed that county ownership would eliminate that tax payment but could be offset if visitor spending rises.

Board members pressed staff on remediation and maintenance risk. County staff said the board was being asked to authorize signing a purchase contract to begin a standard inspection period with a refundable deposit. “We can do all of those [inspections] before we acquire them,” Baker said, and staff said the contract and inspections would allow the county to back out and recover the deposit if major structural issues are identified.

After discussion the board voted to authorize contract execution and move forward with inspections; the chair announced the motion passed by a 3–2 margin. The authorization directs staff to proceed with the contract and inspection period but does not finalize purchase until contingencies are satisfied.

Next steps identified by staff include completing inspections during the designated inspection period and returning to the board if there are major issues or for final purchase authorization.