Scott Broden, Daily News Journal, February 9, 2016
MURFREESBORO — The city government announced Monday it reached a $1.55 million agreement with Franklin Synergy Bank for the acquisition of 1.9 acres of property on the corner of East College and Church Street.
The Franklin Synergy Bank wants to sell its headquarters building that was once home to First United Methodist Church in downtown Murfreesboro. (HELEN COMER/DNJ)
The bank operates in the former First United Methodist Church building with an “iconic bell tower,” the city news release states. The congregation relocated to Thompson Lane near Siegel schools in north Murfreesboro.
“I think it’s nice that we’ll be able to save the church structure and hope we can come up with a viable use for the remainder of the property whether it be for city use or sold back to the private sector for stimulus development,” City Councilman Eddie Smotherman said.
The purchase agreement is scheduled to go before the City Council during its Thursday meeting, according to the government news release. The $1.55 million cash agreement allows the bank to lease space in its former headquarters building.
“We are excited about helping guide both the preservation and the future development of this historic location in our city,” Murfreesboro Mayor Shane McFarland said in the news release. “While we all believe in growth and progress for the good of economic development, preserving our historic downtown is important to Murfreesboro’s character and tourism.”
Promoting and preserving the downtown area, including mixed-use development, has been advocated by consultants helping the city develop its 20-year comprehensive plan called Murfreesboro 2035. Main Street: Murfreesboro/Rutherford favors the idea of saving at least some of the historic structure that dates back to 1888.
During a pre-council comment period Jan. 7, Gloria Bonner, chairwoman of the Main Street board, called the chance to purchase the historic site “a once in a lifetime opportunity.”
The Murfreesboro City Council voted unanimously Jan. 7 to authorize the acquisition of the block of property owned by Franklin Synergy Bank.
“We believe the city can and should influence the proper development of this property,” City Manager Rob Lyons said in the news release. “I believe this has the opportunity to pump jobs, capital and energy into the city’s downtown. The city is uniquely positioned because it owns a 0.62 acre, 60-space parking lot on East College, adjacent to the bank property and could add that significant piece to attract a potential developer.”
Franklin Synergy is building a new office in the Gateway District on Medical Center Parkway that will be completed by late 2016. Under the acquisition agreement, the bank will continue to lease space in the former church building and will seek a continued presence with a branch near the historic downtown Square area after the site is developed, the news release said.
Both bank and city leaders have expressed an interest in preserving the historic nature of the site as part of Murfreesboro’s downtown. The former First United Methodist Church building served the congregation until 2003. Although the sanctuary is not listed on the National Register of Historic Places, nor is it located in the city’s historic district, leaders would like to see the bell tower preserved as part of the historic downtown landscape, the news release said.
With Council approval of city ownership, administrators and elected officials will have greater input into what develops and the timing of that development as Lytle Street is reconfigured into a new roundabout with pedestrian and parking improvements.
Consultants advising city leaders on the Murfreesboro 2035 comprehensive plan have recommended greater investment in the downtown area to leverage its full potential for mixed-use, residential and office space, and entertainment. Preserving historic elements of downtown is seen as a lucrative aspect of future redevelopment and maintaining Murfreesboro’s character.
The purchase agreement comes as the city engages in a study of tax-incentive financing or TIF districts to determine ways to provide incentives for developers to invest in downtown development.
During a public comment period before the City Council prior to the start of the Jan. 7 meeting when the elected officials authorized their administration to enter negotiations, Rutherford County historian Greg Tucker spoke in favor of the acquisition. Some residents raised questions about the city buying the property.
Contact Scott Broden at 615-278-5158. Follow him on Twitter @ScottBroden.