Hotel and Parking Garage Extension Public Comment from Steve BlairMayor and Council,
Please reconsider extending for 5 years the agreement for the Hotel and Parking garage. This only benefits the developer as it gives him control for 5 years, which is extreme. If he
can’t find funding now, with inflation, why does he think he will find it 5 years from now? The concept of low interest rates is most likely a thing of the past. I have to assume,
as a commercial real estate developer, investor, broker, and former hotel owner, the issue of finding financing goes beyond the economics, it falls hard on the concept of the parking
being off site, a block and a half away. Rather than extend, consider a right of first refusal, where by you can continue to market the project to other developers. If someone comes
to you with a plan that would work, Compass would have to commit or step aside. Another option is for them to pay for this extension. And another, would be to attempt to negotiate
with Valley bank to relocate them and have the parking essentially on site. I believe this is a critical element for anyone to agree to finance the project. The current proposal of
parking off site is a horrible idea. Should anyone care to further discuss this, I can be reached at 406-407-0084. I currently own 501 S. Main Street, Kalispell.
Thank you,
Steve Blair