The Gainesville Redevelopment Authority on Thursday approved a bond resolution to help fund the acquisition of the Turner, Wood & Smith building to make way for a possible new parking deck downtown.

City Council is looking to purchase the property at 100 Brenau Ave. for $1.52 million, and closing is expected in November.  

The insurance agency has operated at the location since 1986, and it would continue to lease the building from the city for a year with an option for a second year.

The city first raised the idea of buying the half-acre property with a 10,000-square-foot building in August.

City officials said the property could be a future 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.