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Rutherford County extends option payments on downtown Bank of America property amid parking‑lot easement dispute
Summary
The Budget Committee approved a 30‑day escrow extension and an additional $100,000 deposit to continue preconstruction work on a planned Bank of America building purchase, while county counsel and staff described an unresolved easement dispute over an adjacent parking strip; the extension passed 5‑2.
Rutherford County staff asked the Budget Committee to exercise a second 30‑day option on the county's pending purchase of the Bank of America building and to deposit an additional $100,000 in earnest money to continue architectural and preconstruction work.
County Attorney Nick explained that the current owner is engaged in litigation with adjacent property owners over ingress and egress through a narrow parking strip behind the square. He said the county is working with the seller and counsel for the adjacent owners to reach a "global resolution" but acknowledged the title issue remains active and could affect closing if not resolved. Staff said the county has already deposited $250,000 in earnest money; if the committee approved the extension the county would deposit another $100,000 (bringing total deposits to $350,000) and would have one more option to extend into June for an additional $100,000 if necessary.
Commissioners asked whether the deposit could be conditioned on settlement of the litigation. Counsel said the county might close subject to the litigation but preferred a clean title; staff said design work and preconstruction estimates were still in progress and that the commission would need firmer renovation cost estimates before committing to purchase. Several commissioners asked the project team to provide clearer updates to the full commission before further deposits are sent.
Motion and vote: The committee moved and seconded the extension and deposit; on roll call two commissioners opposed and the motion carried 5—2. Commissioners Harris and Irvin voted no; the remainder voted yes.
Ending: The county will release a further update at the full commission meeting; staff committed to request clearer cost estimates from the architect and to press for a negotiated resolution of the parking‑lot easement before closing if possible.
