ONALASKA, Wis. (WKBT) -

The city of Onalaska could get a deal on a vacant building for its new cultural and tourism center.

A cost-benefit analysis was filed Tuesday at the Common Council meeting.

It compares the cost of constructing a brand new building as was initially proposed or using the vacant Timber Square buildings on the 400-block of Second Avenue.

Right now, the property is owned by River Bank and is for sale for 1.1 million dollars.

The bank says it's valued at two million dollars and has more than enough space for the city. And the bank is willing to cut the asking price by $200,000 and help with construction financing. "Honestly, I think it would be a good deal for the City of Onalaska, they get the building, we put it on the fast track, and it would be open for business by Spring of 2014," said River Bank President Phil Moen.

The plans to build a new center are estimated to cost 2.5 million dollars.