On April 29, the city council held a community and budget discussion meeting. At the close of the meeting, Eric Payne, director of Community Development, raised the issue of leasing space to relocate city offices due to ongoing concerns with the current municipal building.
The former BB&T Bank building
The council ultimately agreed to use the former BB&T building, a proposal that had been the subject of citizen inquiry for several months. The move will require additional city funding, and will not be undertaken until renovations are completed to the facility on Elsworth St.
Payne said he believed that the council was at the point where it needed to make a decision.
He noted that it would still cost $330,000 to purchase temporary office structures if an alternative location was not secured. The lease agreement for the BB&T building is currently set for 10 years.
A rendering of the space to house city offices.
Several leasing options were presented, including:
- A rate of $11.40 per square foot, with an 8 percent discount and a 3 percent annual escalator
- A $10.80 per square foot rate with a 10 percent discount and a Consumer Price Index (CPI) increase
- A $12 per square foot rate with a 2 percent CPI cap
- A $12 rate that includes a loan payment increase of $10,800
It remains undecided whether the council will lease space in the Clocktower at the Commonwealth Centre for temporary use until the BB&T facility is ready.
