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Eustis tables $1.8M purchase of downtown Bank of America building until strategy workshop
Summary
Faced with resident concern over price and long‑term plans, the commission voted to table a proposed $1.8 million purchase of a downtown bank building and related parcels until a Dec. 12 workshop with an outside adviser.
A proposed purchase and sale agreement for a downtown property commonly known as the Bank of America building — base purchase price $1.8 million with appraisal‑linked increases up to $2.0 million — was the subject of a lengthy debate on Nov. 20. Staff said the building would initially house the Building Department and fire administration and that the building department would fund the purchase price; renovations would be funded from other city funds.
Several commissioners and public speakers questioned the price per square foot and the cost of necessary renovations. One resident said the Woman's Club is a historic asset and urged the city not to "get rid of any more historical buildings in Eustis." Commissioners also noted the property has been on the market for years and cited roof and HVAC work and boarded windows.
Tom and the city attorney described contract protections including a 90‑day due‑diligence period and MAI appraisal provisions that could adjust the purchase price within negotiated limits; staff emphasized the city can withdraw during the due diligence period.
After public comment and extensive discussion the commission voted to table the purchase until after a scheduled workshop with Dr. Levy on Dec. 12 so the commission can form a downtown strategy and revisit the proposed acquisition in that context. The tabling motion passed by roll call (Commissioner Holland — Aye; Commissioner Lee — Aye; Commissioner Aspati — Aye; Vice Mayor Ashcraft — Aye; Mayor Hawkins — Aye).
Next step: staff will schedule due diligence tasks and work with the city attorney and the applicant; the agreement provides a 90‑day due‑diligence window if the commission later chooses to proceed.
