Pennington County discusses sale of the old First Interstate Bank to School of Mines
September 29, 2025 | Pennington County, South Dakota
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Pennington County officials are moving forward with plans to declare the former First Interstate Bank property at 14 Saint Joseph Street as surplus, paving the way for potential negotiations with the South Dakota School of Mines. The decision, made during a special budget hearing on September 29, 2025, follows a significant investment of approximately $5.4 million by the county in the property, which includes the original purchase price and improvements.
Brian Tandy, president of the School of Mines, expressed the institution's interest in acquiring the building to support the development of an Innovation District. This initiative aims to foster partnerships between local businesses and the university, creating job opportunities for students and enhancing the local economy. Tandy highlighted the building's strategic location, which would facilitate collaboration between students and companies seeking to hire interns and graduates.
The board's motion to declare the property surplus and adopt an appraisal of $5.1 million was met with some caution. Public Defender Eric Witscher raised concerns about the implications of moving county departments, emphasizing the logistical challenges and costs associated with relocating. He urged the commission to consider the long-term needs of county services and the potential impact on taxpayers.
Despite these concerns, several commissioners voiced their support for the sale, emphasizing the importance of transparency and the potential benefits for the community. They acknowledged that while the appraisal sets a baseline for negotiations, the ultimate decision on the sale will involve careful consideration of market conditions and community needs.
The board's decision to proceed with the surplus declaration marks a significant step in the ongoing discussions about the future of the property and its role in supporting local educational and economic initiatives. As negotiations progress, the county aims to ensure that any sale aligns with the best interests of taxpayers and the community at large.
Brian Tandy, president of the School of Mines, expressed the institution's interest in acquiring the building to support the development of an Innovation District. This initiative aims to foster partnerships between local businesses and the university, creating job opportunities for students and enhancing the local economy. Tandy highlighted the building's strategic location, which would facilitate collaboration between students and companies seeking to hire interns and graduates.
The board's motion to declare the property surplus and adopt an appraisal of $5.1 million was met with some caution. Public Defender Eric Witscher raised concerns about the implications of moving county departments, emphasizing the logistical challenges and costs associated with relocating. He urged the commission to consider the long-term needs of county services and the potential impact on taxpayers.
Despite these concerns, several commissioners voiced their support for the sale, emphasizing the importance of transparency and the potential benefits for the community. They acknowledged that while the appraisal sets a baseline for negotiations, the ultimate decision on the sale will involve careful consideration of market conditions and community needs.
The board's decision to proceed with the surplus declaration marks a significant step in the ongoing discussions about the future of the property and its role in supporting local educational and economic initiatives. As negotiations progress, the county aims to ensure that any sale aligns with the best interests of taxpayers and the community at large.
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