EDC CEO discusses leasing vs. selling

by Cindy Glasson

It was something of an informal night at the Main Street Thermopolis meeting last week as three of the board members were absent, attending a Main Street America meeting out of state.

With their absence, there were not enough members to have a formal meeting, so the members there simply chatted about Main Street and some of the things they have done or have coming up.

One member, Amanda Moeller, who is also CEO of the Thermopolis Hot Springs Economic Development Company (EDC), suggested one of the issues she’s been running into is potential businesses pulling out of talks with the company due to the high number of “For Sale” signs in town.

Moeller said she has been in talks with companies seriously considering bringing their business here and at the last minute they pull out, fearful that if the community has so many homes and businesses for sale they can’t possibly sustain their business here.

One local couple who have a building for sale questioned Moeller, asking if they don’t have a for sale sign on their building how will potential buyers know the building is available? They have been trying to sell their place for some time with no luck.

Moeller suggested instead of trying to sell the building the couple might consider leasing the building instead.

Leasing, however, brings a completely different set of issues with it.

When businesses make the decision to move to another town, they are more inclined to lease a building rather than purchase it to save on costs. Of course, when they lease a building they expect a certain level of up-to-date amenities, many of which are simply not available in most of the buildings suitable for businesses in Thermopolis.

A good number of building owners do not live in Thermopolis and are leasing their properties from out of town or out of state. They simply pay their taxes and have no real idea what condition their building is actually in.

Most of the business fronts available haven’t had any kind of upgrades for decades, pushing potential businesses away.