Red Eagle Sale ChecklistSale, of Red Eagle, David Homer Property to Kalispell City
ILI
L A copy of the appraisal will need to be examined by David's appraiser. David
needs a copy of the city appraisal.
2. An agreement will need to be made with regard to David leasing the property
back from the city. David will not pay a lease on property he still owns. So the
property will need to be paid in Rill before David will pay a lease to the city.
Then a reasonable lease will need to be agreed on until the new ramp and
FBO is built and usable.
3. An agreement for Red Eagle to lease ground on the new ramp for hangars and
the price to lease the new FBO building.
4. An agreement that Red Eagle will be the only FBO on the airport with a 15=
year lease at the new FBO building.
5. An agreement that Red Eagle will be the only fliel. and gas wholesaler on the
field.
With questions answered on fuel tanks, purnp station and who installs them.
6. Red Eagle would want to build a caf6 on the new ramp, on top of the FBO if
possible. Discussion on this subject.
7. An agreement needs to be made on the present sign (airplane) and what *4
city will do to replace the sign to the armory easement. -
I. An agreement for new signage on the entrance road to new ramp.-
9. An agreement on the city building the new road and ramp into the present Red
Eagle Office. All work should be done by the city including moving telephone
pole and power that will be in the middle of the road.
10. An agreement on the selling price, down payment monthly payments and
interest rate on money to buy David's property.
11. David is selling his property to help improve the airport; being on the new
ramp is mandatory and is the only reason for David to sale his existing
property and buildings. A deadline needs to be agreed on, for the new ramp
and FBO building to be completed, with a penalty to the city if it isn't done iv,
the agreed on time frame
12. At present time The Red Eagle Property has 3 buildings withl2 T-hangars and
a maintenance hangar that is appr. 60 X 60 X 18. There is also an office
building that is 40 X 60. There is also a computerized gas pumping station and
two 12,000 gallon tanks in the ground. Replacement of these present income -
producing structures would cost more than the appraised value. To sale the
existing property at a loss, an agreement to the above items would make the
sale feasible.
Included in the sale is also the easement to the highway, which will make it
possible for the city to complete the adjacent land sale to the Whitefish Credit
Union.
-,1qT7 '1 9
50% 9,277 sf
Training Office
2,058 sf
Maintenance Hangar
3,720 sf Total building @ .16 sf = $4,453 Annual
Hangar #1 (3 bay)
3,348 sf Lease Rate
Hangar #2 (3 bay)
3,348 sf
Hangar #3 (6 bay)
6,080 sf
The leaseback will need to include land & buildings or a combination of land and
buildings.
Fuel Storage - (2) 12,000 gallon tanks Fuel System Cost $93,000
Land (3.09 Acres) Original Purchase Price $ 280,001f,
Buildings (5)
111011111 111 11 11 111111 !1 1 1 11.1, 11111
Replacement Cost of all the Improvements $683,094
Less Depreciation $235,948
Total $447,146
Plus Land $296,000
133r�
Income Approach $653,000
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