First Security Bank Building claim settled
Summary
The council let the $75,000 offer for the old downtown bank building die, but agreed to open bids to the public through June 19. Local investor Phil Stanton pushed for the city to be a cooperative partner on any redevelopment. The city's real aim is shedding an $8 million liability, not making a profit.
At a glance
- Total mentions
- 5
- Last 30 days
- 1
Discussed at 1 meeting in the last 60 days; most recently Oct 20, 2026.
Impact analysis
Selling could eliminate an $8 million liability, but delaying may cost the city maintenance money on the decaying building.
Downtown businesses and local investors who want a shot at redeveloping the building.
Kody Watts's offer is now dead, and taxpayers bear maintenance costs if the building sits.
Mentions & discussions (5)
City Council Video — 2026-10-20
The city settled a $55,000 claim with Gordon Crofts, closing out a lingering issue so he can take ownership and start renovating the old First Security Bank Building.
City Council Video — 2026-08-04
The council paused this sale earlier this summer after residents asked for a delay, but no competing bids emerged. Buyer Kody Watts must start construction within 12 months and substantially complete it within four years, and he reportedly already has funding, contractors, and a tenant lined up.
City Council Video — 2026-05-19
The council hired Brokerage Southwest to list and sell the city-owned building at 502 South Main, over Milonas's objection that a possible buyer offer should be waited out. Offers will be reviewed in July.
City Council Video — 2026-05-05
The council let the $75,000 offer for the old downtown bank building die, but agreed to open bids to the public through June 19. Local investor Phil Stanton pushed for the city to be a cooperative partner on any redevelopment. The city's real aim is shedding an $8 million liability, not making a profit.
City Council Video — 2026-04-21
The city is weighing a $75,000 offer for the downtown bank building it bought and poured roughly $3 million of tax money into, against a possible competing offer. Redevelopment could cost millions, but letting it sit risks further deterioration.
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