The location of the "Mountain Time Bank" is located on Main Street and 100 South in Salt Lake City. The clock is known as the Zion Clock. The one on the right with the unique column building is the Salt Palace.
This episode points out a slight difference between Home Improvement and Last Man Standing. In Home Improvement Tim Allen's character (Tim Taylor) had a Dad that died and just has a mom, but in Last Man Standing it's reversed, now Tim Allen (Mike Baxter) had a mom that died and just has a dad.