RockWell Petroleum built a 23,000 square foot building in Sheridan several years ago. They had planned to house their U.S. headquarters there. The recent RockWell bankruptcy has forced them to liquidate many of their assets including what is basically a brand new facility at the corner of 5th Street and Mydland Road in Sheridan.
The State of Wyoming purchased the building Wednesday for $5 Million. That is about one-third of what it cost to build it. The purchase was authorized by the Wyoming Building Commission, which is comprised of the 5 state elected officials.
Rich Cathcart with the State of Wyoming says the purchase price was the only offer and it was accepted. A Federal bankruptcy court in the Wyoming District released the property from bankruptcy prior to the closing, so Wyoming will acquire the property unencumbered.
There are no definite plans for the use of the facility but the State has over 50,000 square feet of leased space in Sheridan. Moving some agencies to the building would be much more efficient for the State in the long run.