Greenwood plans to buy a bigger city hall where most government offices would be located, but the full cost of the project isn’t known.
The city will borrow about $5 million for various projects, including purchasing the Presnell Cos. office tower downtown and consolidating most city offices in it. Renovations are expected to cost less than $2 million, but the exact cost won’t be known until architects come up with specific plans, said attorney Samuel Hodson, who advises the city on a number of issues.
Greenwood will buy the building with borrowed money but pay for the renovations with money from the city’s two tax-increment financing districts, Hodson said.
The city would borrow the $1.75 million needed to pay for the four-story office tower at the southwest corner of Main Street and Madison Avenue. The Greenwood City Council voted 8-1 Monday to approve loans for the purchase of the Presnell building, a splash pad at Pool Park, a fire truck and police cars and a jet plane hangar at Greenwood Municipal Airport. Part of the loan also would go to pay existing debt at the city-run airport.
Greenwood has reached a tentative agreement to buy the building out of foreclosure, Hodson said. The bank that owns the downtown office tower has agreed to the $1.75 million Greenwood has offered and is negotiating a contract.
