WATERTOWN, S.D.(KWAT) –The city of Watertown, which owns the vacant former Wells Fargo Bank building at 20 North Maple, declared it surplus property a few months ago in an attempt to sell it to an interested buyer.

That decision came after renovation costs came in millions over budget.

But much like their plans to turn the building into a new City Hall, plans to sell it, at least for now, have failed.

They got just one offer from someone wanting to buy it, but the $600,000 offer is less than half the appraised value of $1.3 million, so the city council on Monday night rejected it unanimously.

City Manager Amanda Mack says it might be the result of bad timing.

Even after rejecting the bid, the building remains surplus property.