Shelbyville council delays vote on US Bank building purchase, seeks more due diligence

Council members discussed a proposed commercial purchase and sale agreement for the US Bank building on the Shelbyville public square and voted to defer the matter for one week to allow additional due diligence and to provide more documentation to the council.

During discussion council members raised several concerns: the asking price (reported in discussion as about $2.44 million), negotiations with current tenants, reports of mold or water damage in the basement, and a lack of a completed written inspection/architectural report. The city attorney told council that staff and the architect had visited the building and that photographs had been taken but that a written report was not yet available.

Some council members urged a longer diligence period (one person suggested a minimum of 120 days), while others favored a short deferral; the council settled on a one-week deferral to allow staff to produce additional information for the next meeting. The motion to defer for one week passed on roll call.

Next steps: Staff and the city attorney will provide additional documentation, including the architect’s written report and tenant information, to the council at the next meeting. The council signaled continued caution about the purchase price and the scope of renovations potentially required to occupy the building.