Laramie County to buy Wyoming Financial Center for $5.5 million, down from $8.8 million
CHEYENNE — Laramie County has finalized an agreement to purchase the Wyoming Financial Center building, located at 2020 Carey Ave., for $5.5 million.
The price was reduced from an initial $8.8 million bid in October 2023 after inspections revealed several major issues with the building, which is across the street from the main county governmental complex.
Laramie County Commissioner Troy Thompson said he received multiple calls on this agenda item from constituents, primarily nearby property owners, voicing concern about the purchase.
"We are full in both of our buildings," he said, referring to the Laramie County Governmental Complex downtown and the Archer Community Center east of Cheyenne. "We are required to provide housing for our judicial system, for the judges, the courts ... the district attorney, the public defenders, and right now we are full. I mean, we had a conversation today with one of our department heads about, you know, 'I would love to do more with my department, but there's not room.' It will be interesting to see what happens if we are able to buy the building."
Thompson said constructing new space at the Archer Complex would be about 10 times more expensive than making this purchase today, and current leases in the Carey Avenue building will provide a return on the money they will use to buy the building, as well as the money they will put into repairs and maintenance.
"We're going to see a return on that investment that will be beyond what we can realize in other investment strategies," he said. "So, it's a wise investment for the county."
The commissioner also addressed concerns he had heard about how government ownership and leasing of this property will impact other property owners in the area.
Thompson said the county will not lease vacant spaces for below market value, and noted that the county use of lease spaces reduces the supply of available lease space downtown, therefore increasing the value of lease space for existing private owners.
"We're not in any desire at all to compete with private building owners. So, we have made a commitment through this process to charge market value for leases, if we do lease out space in the future," he said.
There is no note in the purchase agreement, however, that the county will be legally required to charge market value for leasable property. Thompson said he hopes future commissioners will abide by that decision to lease at market value in the future.
His final point in support of the purchase was that the county can update and maintain the building, and that it had the potential to fall into a poorer state of disrepair if purchased by an absentee landowner.
Commissioners expressed an intent to invest in repairing and maintaining the building, though they did not note how much they anticipate that will cost. The only potential indicator is that the county's bid decreased by $3.3 million after inspections of the property began in October 2023.
County Commissioner Buck Holmes noted that as the community grows, so do the necessary services, and so does the space required to support those services.
A rancher and farmer of more than 50 years, Holmes likened this purchase to his own experience.
"If you were in the ranching business, there's only once in your lifetime you get a shot at land next door, and this appeared to be like a once-in-a-lifetime (opportunity) for the county. You get a property that is so usable to the county."
He said that this purchase, rather than expanding at Archer, is also a statement that ensures a commitment to downtown Cheyenne.
The motion to finalize the purchase passed unanimously. The only remaining step is for the real estate representatives to close on the deal.
