We happened to meet Wanda from across the street and she informed us that the depot was slated to be torn down to make room for a new city park. In fact while we were there a grader was leveling ground and had already torn up the tracks that had run past the building.
She said her family had long ties with the railroad and she was spearheading an effort to save the old depot and restoring it to its former glory, perhaps turning it into a museum showcasing LaMoille's rich railroading history. If this is something you'd be interested in supporting she could sure use your support. At the very least take a short drive to see this for yourself before it's possibly lost forever.