GAINESVILLE – The City of Gainesville is buying a city block, including the lone building that sits on the half-acre plus site.
City Manager Bryan Lackey made the announcement at Tuesday evening’s City Council meeting.
“The city was made aware a couple of months ago that this property was being listed for sale,” Lackey explained. “And we were able to come to an agreement.”
Lackey is referring to the city block that sits between Academy Street, Bradford Street, Northside Drive and Brenau Avenue – home since 1986 to Turner, Wood and Smith Insurance.
“We think this fits in really well with the city’s strategic plan for downtown,” Lackey told council members.
Last month we reported to you that Gainesville had been awarded a grant for enhancing the green spaces around the downtown square, an area known as “The Moat”.
When asked after the meeting how he envisioned the city using the property and/or the current building, Lackey said, “We do have a few ideas what to do with the property. Obviously the north side of our downtown could use more parking.”
“So a parking deck could be an option,” he said. He added that funds for such a venture would have to wait until the next SPLOST, if voter approved.
But time is on the side of the city, Lackey says, since Turner, Wood and Smith has agreed to lease the building from the city for the next twelve months; following that they have an option to stay one more year.
At a cost of $1,525,000, the city needs the lease agreement to afford the purchase price. “What made this work for us with this purchase price is the existing owner is going to stay in place for at least one year,” Lackey said.
That arrangement not only gives the city time to decide what to do with the property, but the fact that TWS is leasing the building makes the deal financially feasible.
“Without that…we wouldn’t be in a financial position to do that. This lease in place makes that happen,” Lackey said.
A copy of the commercial sales agreement states that possession of the property will remain with TWS until November 30, 2016.
The city council gave unanimous approval to the resolution and the purchase contract.
