Alamance County commissioners voted to authorize a contract to pursue acquisition of the former Bank of America building on South Main Street in Graham, with the county taking title and holding the property for the Tourism Development Authority (TDA).

Brian Baker, assistant county manager, told commissioners the TDA will pay the sale price and the county will then hold the property and lease it to the authority. "This building would be used for the Tourism Development Authority. We'll actually be holding this building for them, essentially," Baker said, adding the county would give the TDA a "20 year lease at no cost." He said the space would include a display area for local attractions and retain one ATM for Bank of America.

TDA representatives said the location is intended to be closer to the interstate to attract visitors and to provide more space for meetings and displays than the organization currently has in the Historic Depot downtown. A TDA representative said the authority's fund balance was about $2.3 million as of the June reporting period, which staff said gives the TDA capacity to buy the building.

Several commissioners questioned the wisdom of the purchase and raised practical concerns. One commissioner said the building's age could create unanticipated county costs if major repairs are needed; staff replied inspections will be completed during the contract's inspection period and the county negotiated a refundable deposit allowing it to withdraw if problems are found. Commissioners also asked about parking; Baker said the lot contains roughly 30 spaces and the interior conference room would accommodate about 15 to 20 people.

The board authorized staff to sign the contract and proceed with inspections under an inspection period; the motion passed 3-2. The county's presentations and staff comments emphasized that TDA funds, drawn from occupancy taxes, will be used for the purchase and that the county does not plan to use general-fund dollars for acquisition or operations of the building. "They are not able to hold property. So the county will be acquiring this property with funding from Tourism Development Authority," Baker said.

Next steps include completing contractual inspections and returning to the board if major structural issues are found during the inspection period.