A Lawrence group which has started buying buildings in the town to preserve and restore them wants to buy the Credit Union building from the Clutha District Council for just $1.
The Lawrence Heritage and Cultural Charitable Trust believes it is the best group to own the land and building because it has the ability to raise funds and apply for funding, unlike the council.
The trust wants to upgrade the building and complete improvements the council had planned but later ruled out.
A letter from trust chairman Roger Cotton was tabled at yesterday's Lawrence-Tuapeka Community Board meeting.
Mr Cotton, who is also a board member, took no part in discussions on the item.
In his letter, he said the upgrade would enhance the town's streetscape and be an example to other developers who were considering what could can be done with their buildings.
The building was originally owned by the Bank of New Zealand, which gave it to the community for $1 when it closed in the 1980s.
Mr Cotton's group was now asking for the same deal.
The Clutha council inherited the asset with local government amalgamation in 1989.
Credit Union Otago had another four-and-a-half years left on its lease.
It would remain as a tenant and all agreements would continue if the trust owned the building, he said.
"The Lawrence Heritage Trust is the best community group, outside council, to take on this project and while there will be a task to raise funds for this project, it is not unsurmountable."
The trust already holds assets of about $100,000 so taking on the bank building and upgrade project was a "continuance" of its activities.
