Released by Adrienne Graham with Smith County:
TYLER, TX - On Monday Nov. 30, Smith County approved the purchase of the Regions Bank parking lot at the corner of Locust Street and Center Avenue in Downtown Tyler. The purchase of this land completed the County's ownership of the downtown block that also includes the Courthouse Annex, the historic Crescent Laundry building and the soon-to-be complete Sheriff's Administrative Building.
"Regions Bank stepped up and made the generous offer to sell the property to us for less than the appraised value," County Judge Joel Baker said.
The property was appraised at $125,000 but Chad Cargile of Regions Bank allowed the County to purchase it for less for less than $100,000 in the interest of the public. Smith County is thankful to Regions Bank for its good corporate citizenship on behalf of the taxpayers and citizens.
"This property is especially valuable to us because of our current need for additional downtown parking. We want to thank the Regions Bank family for showing their generosity and support to the downtown community and the citizens of Smith County," Commissioner Warr added.
The Regions Bank parking lot purchase fits into the long term County Facilities Master Plan for expansion.
The land will be used for additional parking now, but its location in the center of the downtown County campus of buildings caters to the County's needs for future growth.
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