Pat Moehn, Chairman of Commercial Savings Bank, along with President, Paul Milligan, Vice President, Ryan Milligan, and bank building co-owner, Tam Milligan were all present at last night’s (Tuesday) Carroll City Council meeting to make a generous offer to the city. Moehn told council members his family has been following the library issue and the stumbling blocks various proposals have run into over the last several years. He has concluded that the majority of concerns revolve around the cost of the projects, and said his family saw the growth of their bank and their need for more space as a way to benefit themselves and the community.
Originally, they considered the Adams Street location, with 8,172 sq. feet on the main floor and an additional 5,400 on the lower level, could be used as a new library. This, however, would not provide the additional space needed and community surveys revealed the public prefers the library’s current location.
The building, which was appraised prior to 2015 at $993,000 and at $768,000 after the 2015 real estate tax rollbacks, offers tremendous advantages for the city. The major cost savings, Moehn said, is that there is no need to change the footprint of either building; both projects would require only interior renovations. Another part owner in the building, Moehn’s sister Pam in Colorado, is also in favor of this option as she has spent a lifetime in education. She said this is the opportunity for Carroll to create an education center that brings substantial rewards to the community. Moehn said after meeting Library Director, Brandie Ledford, he envisions the expanded library would also bring expansions in our literary society, book club activity, book signings, lectures, activities, programs and events that are limited only by our imagination. Next year will mark the 100th anniversary for this fourth-generation Carroll bank, and Moehn is excited about this prospect for the long-term advantages to their family, their bank and the city of Carroll.
Stipulations on the transfer would be that the city cannot sell the property within five years and they cannot sell it to another financial institution. Commercial Savings Bank will have another appraisal done within six months prior to transfer and this all must be done with bank regulatory approval. The city will be able to take ownership of the property once the new bank building is completed and they have moved in, estimated to be in approximately two years from the time the city accepts the proposal. Moehn also asked that they have an answer as to whether the city will be moving forward by the next meeting on March 14. The City Council thanked Moehn and his family for the generous offer and approved a motion to move forward with investigating the proposal to be able to provide that answer March 14.
