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The Multnomah County Board of Commissioners is due to vote Thursday whether to sell the Central Courthouse to a local investment group.

The county proposes to sell the building at 1021 S.W. Fourth Ave. to NBP Capital for $28 million. County staff will brief the board on the proposal at 10:45 a.m. on Tuesday.

The sale would be accompanied by a lease-back arrangement so the county could continue to use the building until the new Central Courthouse at Southwest First Avenue and Madison Street can be occupied in 2020.

NBP Capital plans to preserve and renovate the 292,717-square-foot building, according to a county news release. The old courthouse was built from 1909 to 1914.

The proposed purchase and sale agreement includes:

• A 30-day due-diligence period for the buyer to investigate the property;
• A $1 million earnest payment by NBP, of which $100,000 has already become nonrefundable;
• An additional $1 million in earnest money upon NBP Capital’s satisfactory completion of due diligence; and
• A 30-day closing deadline after notice of NBP Capital’s satisfaction with due diligence.

The county, as part of the lease agreement, stands to receive two years of free rent. The county would then will have two, two-month extension options for $50,000 and $100,000 per month, respectively. The county is to pay all taxes, insurance, maintenance and operating expenses during the lease period.

The property was marketed by CBRE Inc., and the transaction was exclusively negotiated by Graham Taylor and Charles Safley.