The Valdosta Daily Times
On Monday, the Valdosta-Lowndes Industrial Authority finalized the purchase of a new office facility located at 103 Roosevelt Drive and on Tuesday, the Authority received bids for renovations and the construction of a 1,250 square foot addition.
The addition includes the construction of a new meeting room which will be used for the authority’s meetings and for any events they may have.
The authority paid a total of $513,986.41 for the property, including the closing costs and ad valorem tax. Andrea Schruijer, executive director of the Industrial Authority, said, the purchase benefits the authority as opposed to renting their current facility at $4,200 per month.
Before the authority met for their regular meeting on Tuesday, Oct. 15, members spoke with the Times, stating that the cost of renovations may slightly exceed $150,000, only if the authority has to buy new furniture; this estimate included the cost of the new facility located at the rear of the building.
The authority received bids from Cauthan Construction Company, for $273,595; Kellerman Construction Company, for $232,445; Quillian Powell Construction Company, for $274,900; Taylor Construction Company, for $262,557; and True North Construction Company, for $244,000.
The authority accepted the bid from Kellerman Construction Inc. for $232,445 but saved some money by shaving off two of the five alternatives, including four additional parking spaces, $10,112, and stair nosing, $1,500. The contract the authority plans to sign will total $219,895, bringing the total amount of the purchase price and renovations to $733,882.
The Authority's accountant, Tim Davis, said the purchase will save $96,000 over a 20 year period, but it is unclear how the $69,895 difference between the $150,000 estimate for the renovations and addition and the actual $219,895 bid will affect those savings.
At $4,200 per month in rent, or $50,400 per year, it will be nearly 15 years before the Authority will hit the break even point from the property’s purchase and renovation.
Since the move is roughly six months away, the authority has not calculated the cost of moving yet, but Allan Ricketts, the Industrial Authority's project manager, said, “We know the moving cost won't be significant; all we have to move is our furniture and equipment.”