SPENCER, Iowa -- Northwest Bank’s pending move to new offices has set off a game of musical chairs with three other expansions.
---- The city of Spencer is buying what was Northwest Bank’s main administrative location. The former Northwest Federal Savings & Loan building, at 101 West 5th St., will become the new City Hall.
With a purchase price of of $650,000, city finance director Brian Weuve said the city is projecting an expense of $1.8 million to expand the drive thru area, which will become the council chambers, and remodel the first and second floors, and with elevator access.
Amanda Mack, who just began her second year as Spencer’s city manager, explains that from her perspective.
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“It’s an exciting project with a lot of pieces to it. The timing was really right, as the city was having discussions internally about our existing space and maybe doing a remodel," Mack said. "We were kind of running out of space here; so when we learned that Northwest Bank was looking to move its administrative offices, and we were able to work with them and Farmers, it was a very good scenario for all the entities.”
---- Farmers Trust & Savings Bank, which is located on the same block as City Hall, will buy the current City Hall, more than doubling the bank's square footage.
Farmers Trust is paying $445,000 for the building. Although the bank’s plans are indefinite, president Mike Bryan said the bank expects to relocate staffers who currently have offices in the basement of the bank to first floor locations, in addition to connecting the two buildings and moving the drive thru lane to the north side of City Hall.
---- Clay County is still working on a contract to purchase the Northwest Bank operations center (formerly the Home Federal Savings & Loan building), at 505 2nd Ave. West. The anticipated purchase is an effort to consolidate several county offices in closer proximity to the county courthouse and nearby county administration building on West 4th Street.
Clay County Auditor Marjorie Pitts says the county has been in negotiations with Northwest Bank since 2017. Earnest money of $50,000 was paid at signing. Pitts said the county may be able to negotiate down the remaining $475,000 on the contract to make necessary repairs, and also because the county was expecting to take possession in July, which will probably not be possible due to winter weather-related construction delays on Northwest bank’s new offices.
Contact Journal correspondent Russ Oechslin at: email@example.com
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