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Commissioners authorize pursuit of former Bank of America building for Tourism Development Authority, 3-2 vote
Summary
The board authorized staff to sign a contract to acquire the former Bank of America building at 141 South Main Street for the Tourism Development Authority using TDA occupancy-tax funds; the motion passed 3-2 with an inspection contingency and refundable deposit.
The Alamance County Board of Commissioners authorized county staff to sign a contract to acquire the former Bank of America building at 141 South Main Street and hold it for the Tourism Development Authority (TDA), which would lease the property under a long-term arrangement.
Brian Baker, assistant county manager, said the TDA lacks authority to hold property directly; the county would purchase the building using TDA funds (derived from occupancy taxes) and lease it to the TDA under a 20-year lease at no cost to the authority. Baker said Bank of America agreed to sell at its appraisal price and the county would retain an ATM on-site. TDA representatives said the authority has a fund balance of about $2.3 million and reported revenues and expenditures that leave a positive fund balance sufficient to support the purchase.
Commissioners questioned maintenance responsibilities, the number of parking spaces (about 30), whether the facility suited larger meetings, and the condition of the building given its age. Baker and TDA staff said day-to-day small repairs would be supported by the TDA while the county, as owner, would be responsible for major capital repairs; the county also negotiated a refundable deposit and an inspection period that allows the county to back out prior to closing if inspections reveal major problems.
On a motion to authorize signing the purchase contract with inspection contingencies and a refundable deposit, the board voted 3 in favor and 2 opposed and the motion passed.
