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Council agrees to advertise recommended offer to redevelop First Security Bank building after conflict questions addressed
Summary
Council accepted the building committee's recommendation to proceed with advertising the preferred offer to redevelop the First Security Bank building at 502 South Main, after questions about a possible conflict were raised and addressed; the contract requires construction to begin within one year and finish within four.
The Rock Springs City Council on Nov. 18 voted to proceed with the statutory advertising and disposition process for offers to purchase and redevelop the First Security Bank building at 502 South Main Street, advancing the building committee's recommended offer.
Councilors discussed two competing offers and specifically questioned whether the recommended buyer, Cody Watts, had a conflict of interest because he had been the listing realtor. "Are there concerns with the conflict of interest with him being the selling agent and now buying?" a councilor asked during the discussion.
The mayor responded that Mr. Watts had answered committee questions, provided his development portfolio and resources and "won't be taking a commission, because he's no longer representing us. He's representing himself," addressing the specific conflict concern. Council members cited the recommended buyer's development experience and the time limits in the contract as reasons to move forward.
Under the advertised contract terms discussed by council, construction must begin within one year and be completed within four years; the council said that condition is intended to prevent speculative purchasing without commitment to develop the property. Council also emphasized that the statutory advertising and disposition process will run after the motion to proceed, and the council will later take formal action on any final acceptance.
Councilors spoke repeatedly of the community interest in seeing the long-idle downtown building developed. The motion to proceed with advertising carried with a majority of the council.
Staff were directed to publish the required notices and follow the statutory steps to dispose of the property; council said any additional documentation Mr. Watts wishes to provide can be shared with the full council through staff.
