By Bill Britt
Alabama Political Reporter
Located at 2 North Jackson St. in Montgomery, The Business Center of Alabama is home to the Business Council of Alabama, which figuratively and literally enjoys a commanding view of the Alabama State House. Given the swagger with which BCA Chairman Billy Canary comports himself, it would be easy to think BCA owns all its surveys, when in fact, it doesn’t even own the building it calls home.
The home of BCA was purchased over the summer by the Association of County Commissions of Alabama under its self-funded insurance fund. According to CoStar, the property was purchased at auction from Lone Star Funds.
According to the association’s Executive Director Sonny Brasfield, it was a sound investment opportunity. “Because this is right next door to us and because it was what we thought was an outstanding price the board of trustees of the insurance fund, not the association purchased the property,” said Brasfield.
CoStar listed the selling price at $2.8 million. Brasfield confirmed that was close to the amount paid. He also said that the property was purchased at an auction, not unlike buying an item on eBay.
Montgomery property record card values the building and lot at nearly $5 million.
Built in 1992, The Business Center of Alabama has a total 51,764 square feet over seven stories. Brasfield says the space is currently 75 percent occupied.
BCA’s tax records for 2015 show it paid over $100,000 in rent to LSREF2 OREO SUPER HOLDINGS LLC, a holding company associated with the Lone Star Funds.
Canary, whose total income from BCA tops nearly $600,000 annually, has recently come under fire for not only his involvement with disgraced former speaker of the house and convicted felon, Mike Hubbard, but also his failure to move BCA’s agenda during the last legislative session.
Over the last several months, Canary, as well as prominent BCA board members, were personally informed that Canary is persona non grata in Washington, especially in the office of Alabama’s Republican senior senator, Richard Shelby.
It is almost certain Canary’s presence in D.C. will be anathema if Judge Roy Moore wins the senate race in December.
Brasfield said the association’s insurance fund fully vetted the property and informed its members before the purchase.