The Gainesville City Council on Tuesday approved the $1.63 million bond terms for the city's purchase of the Turner, Wood & Smith building to make way for a possible new parking deck downtown.
Regions Bank was granted the winning bid on the bond terms.
The insurance agency has operated at 100 Brenau Ave. since 1986, and it would continue to lease the building from the city for a year with an option for a second year.
City officials said the property could be a parking garage for the northern portion of the downtown area, though development remains several years off.
The proceeds of a bond issued to finance the acquisition would be loaned to the city, which in turn would make all payments on the bond.