FOR IMMEDIATE RELEASE
Argyle, WI — November 24, 2025 — The Argyle Village Board of Trustees voted unanimously tonight to authorize the next phase of due diligence and negotiations regarding the potential acquisition of the former First National Bank & Trust building at 321 E. Milwaukee Street.
Bank First has announced that the Argyle branch will close at the end of 2025. Following discussions with Village representatives, Bank First presented an offer tied to a community-led fundraising effort. The property has been valued at approximately $762,000, and Bank First has offered to sell the building to the Village while also committing a $500,000 contribution to the fundraising campaign supporting the purchase. This leaves the community to raise roughly $262,000 for acquisition and additional dollars for remodeling and improvements, with the remodeling scope and final needs to be determined through due diligence and a long-term use plan.
To allow time for fundraising and to reduce potential taxpayer impact, the Village will explore financing options that include interest-only payments for an initial two- to three-year period. The Village will also evaluate the feasibility of amending Tax Increment District (TID) #3, which is adjacent to the property, to support eligible acquisition and financing costs through district increment where appropriate.
Tonight’s motion authorizes a negotiating and planning team to proceed with next steps. The motion reads:
“Authorizing Economic & Community Development Director Joe Schutte, Clerk/Treasurer Sandra Flannery, and Deputy Clerk/Treasurer Mallory McGuire to work with Bank First, Vierbicher, Village Attorney, and any necessary community organizations to develop draft terms, financing options, amendment materials, and any required Memorandums of Understanding (MOUs), and to explore potential leasing and revenue opportunities related to this acquisition. All final actions will return to the full Village Board for approval.”
The Village emphasized that this vote does not finalize the purchase. Instead, it directs staff and partners to develop a complete proposal—including legal review, financing structure, fundraising coordination, potential TID amendments, and a preliminary use plan—for future Board consideration and approval.
While due diligence and public engagement are still underway, the Village’s working concept is to repurpose the building as a downtown community hub anchored by expanded library services, with additional senior space, ADA-accessible public meeting rooms, and needed downtown parking. Final use and remodeling scope will be confirmed after feasibility review, refined cost estimates, and community input.
Next Steps
Over the coming weeks, the Village team will:
- Conduct property, legal, and financial due diligence with Bank First and professional advisors.
- Develop financing scenarios aligned with fundraising timelines and taxpayer-impact goals.
- Draft potential TID #3 boundary and project plan amendments, if deemed eligible and beneficial.
- Coordinate with community partners on fundraising structure and associated MOUs.
- Prepare a full recommendation for Board review and approval.
“The Board’s unanimous vote reflects our commitment to explore this unusual opportunity carefully and transparently,” said Joe Schutte, Economic & Community Development Director. “This vote authorizes a structured process to determine whether the Village can secure a major downtown community asset with minimal taxpayer impact, supported by strong community partnership.”
For updates and future meeting agendas, residents are encouraged to visit www.argylewi.gov or contact Village Hall.
Media Contact:
Joe Schutte
Director of Economic & Community Development
Village of Argyle
joe.schutte@argylewi.gov | (608) 482-2293