The Columbus Convention and Visitors Bureau has cleared its final hurdle — approval from City Council — on its way to buying a new downtown office space.
The City Council voted unanimously Tuesday, a day after the Lowndes County Board of Supervisors gave its OK, to buy the 4,000-square-foot space in the building at 117 Third St. S., just behind the Tennessee Williams Home and Welcome Center, for about $753,637.
The price tag is higher than previously reported partly because of additional fiber optic work, change orders and a daily fee for upkeep.
River Ridge Condominiums, which was formerly Columbus Castle Five but is still owned by developer Ronnie West, will turn the building over to its new owners April 15.
The purchase has been delayed since February, when an appraisal placed the building”s worth at $600,000. Some city and county officials questioned whether they could approve paying more than the appraised value.
That problem was solved when CVB attorney David Dunn hired Oxford appraiser Brian Pray, who came back with an appraised value of $850,000 for the space.
The CVB has already paid $224,035.74 toward the space and has taken out a $510,000 loan from Bancorp South to finance most of the rest. The loan will be paid back over 15 years at a rate of about $3,000 per month, with a 2.95-percent interest rate.
Dunn also asked the council and supervisors to have special meetings next week to approve the minutes of their meetings this week. He said he needs the minutes to secure the loan.
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