COLUMBUS, Ga. (WRBL) — The day after the city of Columbus and Synovus announced plans for the city to purchase the downtown bank’s property at 12th and 11th Streets along First Avenue and Broadway, details are starting to come out.
The price tag? The city will pay Synovus $25 million for the 250,000 square feet of office space and a 634-space parking deck. And potentially another $25 million to get it ready for the city to occupy the space.
The city would issue bonds – borrow the money – for the purchase price and the renovation. The bond issuance is not to exceed $50 million.
The financial considerations were outlined in the Columbus Council agenda posted online prior to Tuesday night’s council meeting. The 10-member city council must approve the deal, which has been in negations for months.
The agenda item appears on city manager Isaiah Hugley’s agenda and is recommended for approval. The deal would close by March 1, 2022. Synovus must vacate the building by July 31, 2022, and has agreed to pay the city $500,000 in rent for the time between closing the deal and vacating.
The city plans to locate administrative offices in the sprawling downtown complex. Currently, many of those offices are in the Government Center and the 10th Street annex.