×

Ravenswood eyes new municipal building

Lease/purchase planned for former BB&T offices

Photo provided by Ravenswood Mayor Josh Miller The City of Ravenswood is negotiating a lease/purchase agreement with the Jackson County Development Authority to acquire the former BB&T facility on Wall Street to use as a new municipal building.

RAVENSWOOD — The City of Ravenswood plans to move its offices into a new municipal building.

Mayor Josh Miller said city officials are working with the Jackson County Development Authority on a lease/purchase agreement for the former BB&T building at 1 Wall St., about a quarter of a mile from the existing municipal building at 212 Walnut St.

“It’s got plenty of parking. It’s more accessible for our senior citizens,” Miller said, noting people will be able to pay city bills at the former bank’s drive-through facilities.

The current structure is “not ideal, and it hasn’t been for a while,” he said.

BB&T informed officials in February it would be leaving the Ravenswood area. Ravenswood City Council voted in March to give Miller permission to start negotiating to acquire the building.

Mark Whitley, executive director of the Jackson County Economic Development Authority, said state code limits governments’ ability to obligate future administrations with debt, whereas the authority can buy property and take out loans.

After negotiations with BB&T, a base price of $500,000 for the building itself was agreed upon, although the company initially wanted and could have sought a higher amount, Whitley said.

“BB&T really wanted to do something for the community,” he said.

Miller said constructing a new municipal building would likely cost seven figures.

The lease/purchase agreement, which still must be approved by City Council, will likely run for a 10-year period.

“Then after the debt service is satisfied, we’ll transfer that back to the city for $1,” Whitley said.

A public hearing on the matter is planned for the Sept. 3 council meeting, along with a possible vote on the agreement.

The new location will allow the city to end the decades-old arrangement of the Police Department sharing space with the Ravenswood Volunteer Fire Department.

“The idea behind this whole move was to consolidate our municipal government onto one campus,” Miller said.

Most city offices will be located on the first floor, while the Police Department will occupy the second, the mayor said. Vacant space on the third floor could be leased to another party.

The existing city building may be auctioned off or leased to a nonprofit, Miller said.

The city has placed money in certificates of deposit over the years in preparation for acquiring a new headquarters, the mayor said.

“There’s no taxes or fees being increased to buy this building,” Miller said. “We have money to go toward this building” and upgrades.

The city may be able to pay off the balance in less than 10 years, he said.

Evan Bevins can be reached at ebevins@newsandsentinel.com.

NEWSLETTER

Today's breaking news and more in your inbox

I'm interested in (please check all that apply)
Are you a paying subscriber to the newspaper? *

Starting at $4.62/week.

Subscribe Today