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Council directs staff to pursue $110,000 offer for Old National Bank building at 111 East Hen Street
Summary
Council members indicated support for pursuing a $110,000 offer on the Old National Bank building (111 East Hen Street) after inspecting the property; speakers noted leaks and deferred maintenance, discussed inspection contingencies, and mentioned potential rental income of about $400 per month from an existing tenant.
A council member reported on recent viewing and negotiations for the Old National Bank building at 111 East Hen Street and recommended pursuing an offer of $110,000. The speaker said the town previously approved looking into the building and that an earlier offer of $80,000 was increased in negotiation; the seller recently countered and staff proposed $110,000 as a final offer.
"We went over there and looked at it and there is a leak in the ceiling... there is stuff that's going to have to be done to it," the council member said, describing visible deferred maintenance. Staff and council members discussed that the contract would include an inspection contingency and that the seller would not repair issues at the proposed price.
Speakers noted building features, including a vault, teller area, kitchen, bathroom, offices and a possible rental income of about $400 per month from an existing tenant; they discussed accessibility upgrades and anticipated renovation needs. The council indicated support for proceeding with the $110,000 offer and instructed staff to carry out inspections and, if the town proceeds, to prepare a resolution to accept a bid or complete the purchase process.
No formal, recorded roll-call vote appears in the transcript; council members verbally indicated assent and directed staff to move forward with inspection and negotiation steps.
