At the Jan. 26 meeting, the Board of County Commissioners of Leon County voted to move forward with the purchase of the Supervisor of Elections Voting Operation Center Property.
The VOC, located on Capital Circle and Apalachee Parkway, was appraised at $3.325 million. The proposal includes $5.4 million in financing for repairs and purchase of the property.
The financial agreement states that the $5.4 million in financing will be paid back over a 15-year period and will be funded by Sterling National Bank. According to the Board, the purchase and repairs of the VOC would be approximately the same as if they were to extend the current lease that they already have on the building.
The financing will be funded by Sterling National Bank which had the lowest 15-year interest rate among the competing vendors. With an interest rate at 1.85% over 15 years, the County will actually save $458,340 rather than borrowing under a 20-year term and Leon County will actually break even at 15 years because the financing cost equates to the rental payments over the same period.