ROCK SPRINGS — The Rock Springs City Council voted to approve a $55,000 payment to Gordon Crofts to clear up an issue involving the First Security Bank Building during its meeting Tuesday night.

When the property was originally donated to the city, the agreement requested property adjacent to the First Security Bank Building at 504 S. Main Street included in that donation be returned if funding for the bank building didn’t materialize. Funding only covered the demolition of the building at 504 S. Main Street and the extension of the First Security Bank Building onto the lot. Due to that work being completed, the property at 504 S. Main Street can’t be donated back to Crofts. 

According to Council documents, Crofts requested $55,000 from the city’s $75,000 sale of the building to developer Kody Watts. The Council unanimously approved the resolution. The payment will clear up the last of the city’s obligations with the First Security Bank Building. 

The city originally intended to renovate the building using grand funding from sources such as the Wyoming Business Council, but the project stalled and eventually became too costly for the city to complete.

The city sold the bank to Watts in August after the building had been shown to prospective owners. Watts is required to start work on rehabilitating the building within one year of the sale, with substantial completion required to be reached within four years.