Rutherford County commission votes to buy downtown Bank of America building for $8 million

The Rutherford County Board of Commissioners voted at its June 11 meeting to authorize the county to proceed to closing on the purchase of the former Bank of America building at 120 East Main Street in Murfreesboro for $8,000,000.

Commissioners debated whether the purchase and subsequent renovation represent the best use of one-time funds. Commissioner Hall questioned the procurement process and said the county had not completed an appraisal before approving the purchase; "we don't have appraisal," he said, adding he would vote no on principle. County finance official Michael responded that $12,893,000 in one-time funds has already been set aside toward the building purchase and renovation and that the $8,000,000 purchase price was budgeted using excess investment income and other one-time resources.

Chairman McAdoo and other supporters said the building sits on bedrock and provides needed downtown office space and resilience for county operations. "It's a long-term solution downtown," the chair said, noting the county needs to move employees out of the older Goldstein building and secure a permanent courthouse-area location. Property management staff and outside consultants presented inspection findings: the building has a solid concrete structure but requires exterior work, roof and HVAC upgrades, and interior renovations.

Commissioner Hall and others pressed for clearer cost comparisons to alternative buildings and for confirmation of the total program price. County staff said preliminary renovation estimates and bid solicitations produced figures close to earlier estimates and that, combined with the purchase price, the total program cost was projected roughly in the $18 million to $20 million range. County officials said they had paid $450,000 in nonrefundable earnest money that would be credited at closing.

After extended questions and discussion of funding sources and the effect on future budgets, the commission recorded a vote and approved the motion to proceed to closing on the BOA building purchase (recorded vote: 17 yes, 3 no). The resolution authorizes the county mayor and appropriate officials to execute documents to complete the closing, subject to county attorney approval and satisfactory title resolution.

The commission did not vote on detailed renovation expenditures at the June 11 meeting; members said additional design work, bidding, and budget actions will follow. County staff said renovation budgeting will use a combination of the earmarked $13 million, leftover bond proceeds from other projects, and other one-time funds, and that further decisions about the old Goldstein building (sale or repurpose) will be made later.