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)
By GEORGE SOUTHERN
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.
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Town Council is holding a work session tonight (Tuesday, September 11) at 6 p.m. at Town Hall to review the inspection report. The public may attend, but may not comment.
During his inspection, Brady found a leaky basement, standing water on a secondary roof, and a need to upgrade the railing on the second floor mezzanine. Other upgrades include wiring for the computers, a fire exit, and a handicap-accessible bathroom.
The repair estimate does not address any remodeling of the third floor for Town offices.
Brady reported that he found water flowing in through the basement walls. On the north wall, water was running in the building “at a pretty steady rate.” This is not uncommon for any building with a basement in the Town, Brady said, but it is “of major importance ” to fix it immediately, which he estimated could cost $50,000.
The main roof appears to be maintained properly, Brady said, but a lower, secondary roof could cost $5,000 to repair.
The balcony railing on the 2nd floor mezzanine is too low and is a safety risk for a computer lab. The railing should either be raised, or lined with tables to prevent access.
Wiring for computers and Internet was estimated at $3,000.
Other repairs and upgrades brought the estimated total to $67,000.
The inspection report did not address other costs to relocate the library such as lighting upgrades, furniture, and moving expenses. Existing bank building furniture is included in the sale.
Town Council voted July 19 to buy the building, and amended the Town budget to allot $212,000 for the purchase. No money was budgeted for repairs or for relocating the library.
Town Manager Heather Arcos has recommended that the Town finalize a budget plan for the library relocation after the closing takes place on the bank property — set for October 15.
The $212,000 budget allotment comes from a 2010 bond the Town issued to connect two new wells to the Town water supply. An additional $7,000 is budgeted for debt service on the bond. Assistant Town Manager Bob Panek says that diverting the bond money to buy the bank building “would temporarily displace the project to connect the two new wells.”
Tonight’s work session does not require any action by Town Council, since the decision to buy the building and amend the budget was made July 19.
Information supplied in the Town’s meeting packet does not include any information from the seller. At the July 19 Council meeting, Town Manager Arcos said that Bank of America would provide information about asbestos tile and other items prior to closing.
The complete Town report to be reviewed at tonight’s meeting may be read here: http://capecharleswave.com/wordpress/wp-content/uploads/2012/09/Bank-of-America-Staff-reports-9-11-12-mtg.pdf
I have said it before and I will say it again — this is a bad location for the library! People using the library will be taking up parking spaces that the local businesses need. The parking lot in the back will have that giant pecan tree dropping pecans all over the cars. Here we go again spending money we don’t have for something we don’t need. We give away one building for urban apartments overlooking the Park and playground — and say what you will, the library could have been in the Community Center. Why can’t we keep our historic 100-year old school and combine everything into one building?
Buy the BoA Bldg! Go Library! Expect more foot traffic and OOT visitors.
Not to mention public mtgs and expanded internet accessibility.
Trim the pecan tree; the naysayers can park elsewhere on that corner lot,
so their jalopies don’t get dented. Invite people to gather the nuts. (No pun).
Convert the School to Apts – there’s nothing “historic” about this building.
Was a war won/lost here? Treaty signed? Indians defeated? What? Get real.
Congrats to the progessive Town Council; change is hell, but you’re doing it.
I think this is a great idea. A vibrant library can draw people to Mason Avenue. And, is parking really ever an issue? This is a wonderful step ahead for Cape Charles and surrounding towns. It will not only benefit our seasonal visitors but be a huge boon to year-round residents.