Town Estimates $67,000 for Bank Building Repairs, Upgrades

Town could close on Bank of America building purchase by October 15. Money for repairs has not yet been budgeted. (Wave photo)

Cape Charles Wave

September 11, 2012

Cape Charles building code official Jeb Brady estimates that near-term repairs to the former Bank of America building could cost roughly $56,500. A further $10,500 is required for modifications.

The Town has signed a contract with Bank of America to buy the building for $200,000 plus $8,000-$12,000 in closing and due diligence costs.

The intent is to use the building for a new library on the first floor, a computer lab on the second floor mezzanine, and future overflow municipal offices on the third floor. The bank vault would hold Town records.

The bank property includes two lots on Randolph Avenue which the Town plans to use for parking. Land directly behind the building would become an alleyway.

Town Council only learned about the bank offer on July 12, when Bank of America gave the Town one week to match what it said was an existing offer of $200,000. As part of the deal, the Town had to pay a $20,000 non-refundable deposit. The Town then was allowed 30 days to inspect the property and make a final decision about buying it. The decision deadline is Friday, September 14. [Read more…]