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Commission votes to move Bank of America building purchase into permitting with amended terms
Summary
After a presentation and extensive debate, commissioners voted to advance a planned purchase and renovation of the former Bank of America building downtown into the permitting and design phase, lowering the purchase price to $8 million and increasing nonrefundable (but creditable) earnest-money deposits for the permitting period and extensions.
The Rutherford County Property Management Committee voted to amend its pending purchase contract for the former Bank of America (BOA) building downtown and advance to a permitting and design phase after a detailed presentation by Klein Sweeney Associates.
Bart Klein outlined site and building assessments — ALTA survey, roof inspections, lead-based paint and asbestos studies, a Phase I environmental report and a building assessment — and said the 29,083-square-foot structure could meet the county’s program needs with renovation. He presented a cost-comparison that estimated new construction of the same square footage at roughly $23.5 million and renovation-plus-purchase at roughly $17.8–$18.7 million, using conservative contingencies.
Commissioners pressed concerns about price, long-term operating costs and whether administrative offices should remain downtown. Commissioner Hall repeatedly questioned the purchase price and urged consideration of off-square options; Mayor Carr and others argued for operational synergy and downtown vibrancy.
John Harney updated the commission on negotiations with the seller. He said the seller agreed to reduce the purchase price by $1.2 million — lowering the listed $9.2 million to $8.0 million — but requested higher earnest-money deposits during the permitting phase: $100,000 for proceeding to the permitting phase and $100,000 for each 30-day extension (nonrefundable but applicable to the purchase price at closing). Harney noted the permitting/design work will include contractor pricing; the county could withdraw if bids or further due diligence show the deal is not viable.
Commissioner Phillips moved to amend the purchase contract to $8,000,000, increase the earnest-money deposits to $100,000 for the permitting phase and each extension, authorize Klein Sweeney Associates to begin design work, and forward the action to Budget Committee. Commissioner Anthony Johnson seconded. Roll-call votes recorded Phillips, Davidson, Dodd, Anthony Johnson, Hall, Ervin and Chairman McAdoo voting yes; the motion passed.
Commissioners also approved a concurrent “Plan B” motion from Commissioner Hall to pursue alternative lease or purchase options downtown in case the BOA transaction stalls or fails during the permitting/design period. The staff will proceed with design and permitting work while developing alternative options.
