Alamance commissioners authorize county to pursue purchase of former Bank of America building for Tourism Development Authority

Alamance County commissioners on Monday authorized county staff to sign a contract to pursue purchase of the former Bank of America building at 141 South Main Street, a move proponents said would give the Tourism Development Authority (TDA) a more visible, interstate‑adjacent location while critics warned of maintenance costs and lost tax revenue.

Brian Baker, assistant county manager, told the board the county would acquire the building using TDA (occupancy‑tax) funds, hold title and lease it to the authority under a 20‑year lease at no cost. "This building would be used for the Tourism Development Authority," Baker said, adding Bank of America would retain one ATM and make lease payments for the next several years.

TDA representative Grace said the authority has a healthy fund balance and that occupancy tax revenue supports its activities. She told commissioners the TDA reported roughly $947,000 in revenues and $813,000 in expenditures in a recent period, leaving a fund balance around $2,300,000. "There is adequate funding from the TDA to purchase this building," she said.

Some commissioners questioned whether buying an iconic downtown building was the best use of funds and raised concerns about parking (roughly 30 spaces), potential future capital repairs and the county’s loss of current property tax revenue (the building’s current tax payment to the county was cited as $5,471.44 annually). Baker said the purchase would include an inspection period and a refundable deposit so the county could back out if inspections revealed major problems.

After discussion, the board voted to authorize the contract; the clerk recorded three ayes and two nays. The motion passed.

The authorization allows staff to move forward with a contract and inspections; the county will return to the board if inspections reveal issues that require reconsideration or renegotiation.