Gainesville City Council has opted to move forward with what city officials said would be a break-even proposition for the city to acquire a building currently occupied by a local insurance agency.
Council members first voted in August to purchase the block where Turner, Wood and Smith Insurance currently resides, which is bordered by Academy Street, Bradford Street, Northside Drive and Brenau Avenue.
The property costs $1.52 million. Turner, Wood and Smith plans to lease it from the city for one year after the sale — with an option for a second year if it chooses — for a monthly cost of $13,600, according to Joe Wood, President and CEO of Turner, Wood and Smith.
No money will have to be transferred from the city's general fund for the purchase, according to city leaders.
"We are set to close at the end of November, right at the end of the month," said Bryan Lackey, city manager, at council's work session Thursday morning.
Ideas for the property have been suggested, including turning it into a parking deck, but nothing has been finalized.
"We're excited for a good move to acquire a good piece of property downtown for us," said Lackey.
Turner, Wood and Smith has owned the property since 1986.
