Some council members deride the deal because it takes the bank's building off the tax rolls, losing revenue for the county. Others, however, argue the estimated $1 million the county plans to spend on renovating the building will generate new Downtown business to aid the city's current redevelopment program.
Buying rather than renting has its pluses, the council's majority argues. Building a comparable new structure would be at least $1.35 million based on $100 per sf construction cost. Leasing the property for five years at an estimated rent of $15 per sf equates to $1.01 million.
First Union hasn't announced where its Downtown branch will be relocating, probably by fall. The county will be moving 30 employees to the new space from the records division in the Judicial Center, west of Downtown
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