GENTRY -- A number of city council members, along with Mayor Kevin Johnston and city finance director Tonya Carney, visited the vacant Centennial Bank building along Arkansas Highway 12 in Gentry Thursday with an eye toward possibly purchasing the building for use by the city.
Scott Hancock, Centennial Bank division president of northwest Arkansas, showed the building to city officials, stating the bank would like to offer to sell the building to the city. He said the bank would be willing to offer it to the city for a price somewhat lower than the appraised value of the building and land.
City officials viewed the bank building and discussed possible uses for the building, including a much-needed home for the Gentry Police Department, which is overcrowded in its current location and lacks sufficient secure space for evidence storage and records. Also discussed was possible use as a city hall, though the mayor voiced hesitation about moving city hall off of Main Street.
The building which once was home to a Liberty Bank and then a Centennial Bank branch has a large open area, numerous offices, a kitchen area, two vaults and teller windows for drive-through customers.
The building, located at 628 E. Third Street, in Gentry, is situated on .95 acres and is just over 5,000 square feet, according to a 2013 appraisal by Cushman & Wakefield of Texas. The building was constructed in 1998 and has 26 parking spaces. The appraised value was $730,000 and property values have become stronger since that time, according to an email sent to the mayor from the bank.
No firm offers had been made to the city as of Thursday but, if the city is interested in purchasing the building, negotiations are expected to follow. Additional discussion of the building is planned for a working (but non-voting) session of the council on Thursday evening at 6:30 at the city hall.
One of the items the city will look at, according to Mayor Johnston, is how well the building fits the city's needs. If the building does not really fit the city's needs, it would not benefit the city to purchase it. But if the building were to fit the city's needs and plans for present and future growth, the purchase of the building could possibly save the city money in the long-term since a new building of similar size would likely be much more expensive to construct.
General News on 08/05/2015