GENTRY -- The city council in Gentry took the next step on Sept. 1 in a move to purchase the building and property which was the Gentry branch of Centennial Bank.
With all the council members present but Janie Parks, the council unanimously approved a resolution authorizing the mayor to execute a purchase contract for the building and property at a price not to exceed the amount of $550,000. The resolution also authorizes the city to pay other related costs such as closing costs, appraisal fees, title and recording costs in an amount not to exceed $5,000.
The building had been offered to the city for $600.000 but council members suggested offering the lesser amount so the city can pay the costs of any needed renovations to make it usable for a police station and still remain at $600,000 or less for the building purchase.
Included in the building price are many of the furnishings already in the building which the city could choose to keep and use.
The resolution also authorizes the mayor to seek financing from the seller for up to $550,000 at an interest rate not to exceed 3.5 percent per year and for a repayment term not to exceed five years -- the maximum term a city may finance without issuing bonds under the law.
The city council council will need to authorize the actual loan documents by ordinance, according to Jay Williams, the city's attorney.
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.
Kevin Johnston, Gentry's mayor, told the council that the actual interest rate the city was seeking was closer to 2.5 percent per year.
The city is planning to convert the building into a police station for the Gentry Police Department since it already has most of the features needed by the department, including a safe place to store evidence and files and sufficient office space for officers and a space for investigation interviews. The mayor told the council he believed a wall could be built to secure the work area inside from a waiting area and access from the general public -- a need for the secure keeping of criminal records and evidence and for officer safety.
In other business the council was asked to share with the mayor any suggestions for city park and cemetery rules. Johnston said a final proposal would be brought back to the council at a future meeting for consideration.
He also updated the council on progress in the park restroom construction, saying footings and sub-grade block were complete and waterproofed, with a pour of the floor expected on Friday.
He also updated the council on the street paving projects, saying the street paving project in Gentry was scheduled to begin today unless the weather interferes.
General News on 09/09/2015