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2. Resolution 5048 - Resolution of Intent & Call for PH - Board of Investments LoanCity of Kalispell Charles A. Harball Office of City Attorney City ,tty 312 First ,avenue East P.O. Box 1997 Kalispell, M59903-1997 MEMORANDUM TO: Mayor Pamela B, Kennedy and Kalispell City Council FROM: Charles Har all, City Attorney James H.Patrick, City Manager l 406.758.7708 Fax 406.758.7771 charball@kalispell.com SUBJECT: Resolution 50Resolution. of Intent to Enter into Loan Agreement with MT B01and to Call for a Public Hearing MEETING DATE; Monday, August 22, 2005 — Special Meeting BACKGROUND: City Council previously passe. Resolution. 5032, authorizing the City to enter into a purchase and sale agreement with Wells Fargo Bank for its facility at 201 First Avenue East. The State of Montana Board of Investments has authorized a 10-year loan agreement with the City for the purchase sum o $1, 100 000. A public hearing is now requixed so that the public may comment and give evidence on the proposed loan agreement. RECOMMENDATION: That Council consider and pass Resolution 5048 so that the necessary publication may be made, the proposed loan agreement may be made available to the public, and the public hearing may be set for September 6, 2005, FISCAL EFFECTS.* None at this time. Respectfully subraitte, Chan es harball, City Attorney J es H. Patrick, City Manager RESOLUTION No. 5048 A RESOLUTION of INTENT BY THE CITY OF KALISPELL To ENTER. INTO A LOAN AGREEMENT WITH THE BOARD of INVESTMENTS of THE STATE of MONTANA FOR THE PRINCIPAL SUM of $1,1009000 FOR THE PURPOSE of PURCHASING THE REAL PROPERTY AND IMPROVEMENTS AT 201 FIRST AVENUE EAST KALISPELL AND TO CALL FOR A PUBLIC HEARING. WHEREAS, the City of Kalispell has the immediate need for facility space for its administrative offices; and WHEREAS, the City of Kalispell is authorized, pursuant to MCA 7-7-4101 and MCA 7-5- 4306 and subject to MCA 7-7-4201, to incur debt for the purpose of purchasing real estate and improvements for public buildings; and WHEREAS, wells Fargo Bank has offered to sell its facility and appurtenances located at 201 First Avenue East to the City of Kalispell for the sum of $ I , 100,000; and WHEREAS,, a public hearing should be held to take public comment and evidence regarding whether or not it is in the hest interests of the City of Kalispell to eater into a loan agreement with the Board of 1hvestments of the State of Montana for the purpose of seeming the financing for the purchase of the wells Fargo facility. Now, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY of KALISPELL AS FOLLOWS SECTION 1. That the Kalispell City Council intends to enter into a loarl agreement with the Board of Investments of the State of Montana for the principal sum of l , l o,000 for the purpose of purchasing the real property and improvements at 201 First Avenue East, Kalispell, Montana. SECTION 1:. The City Clerk shall forthwith prepare and publish in the Daily Inter Lake, a daily newspaper published at Kalispell, Montana, proper notice of this Resolution of Intention., pursuant to MCA - I - 17. SECTION HI.Prior to the regularly scheduled meeting of the City Council of the City of Kalispell, on Monday, September 6, 2005, the City Clerk shall forward all written communication received by said Clerk for Council" s consideration. SECTION vl.' he City Council of the City of Kalispell shall hold a public hearing to consider the loan agreement with the Board of Investments of the State of Montana, at a meeting to he held on the 6th day of September, 2005, at TOO p.m. in the Council Chambers, City Hall, Kalispell, Montana, and subsequent to the conclusion of said meeting the City Council, after considering all spoken and written communication, may adopt a resolution approving such loan agreement. PASSED AND APPROVED BY THE CITY COUNCIL AND SIGNED BY THE MAYOR OF THE CITY OF KALISPELL, THIS 22nd DAY OF AUGUST, 2005. Pamela B. Kennedy Mayor " ATTEST: Theresa White City Clerk CITY OF KALISPELL NOTICE of PUBLIC HEARING NOTICE IS HEREBY GIVEN that the City Council will hold a Public Hearing on the 6th of September, 2005 at :00 pm In the City Hall Council Chambers to consider entering into a loan agreement. with the Board of Investment of the State of Montana for the purpose of purchasing the real property and improvements at 201 First Avenue East, Kalispell, Montana. NOTICE is further given that the City Council on the 22 d day of August, 2005, passed Resolution No. 5048 declaring an intention to eater into a loan agreement with the Board of investments of the State of Montana for the principal sum of $1,100,000 for the purpose of purchasing the real property and improvements at 201 First Avenue East, Kalispell, Montana. NOTICE is further given that for a period of fifteen 1) days after August 23, 2005, that date being the first day of publication of this Notice in the Daily Inter Lake, the City Clerk will. receive expressions in writing of approval or disapproval of the proposed loa-n agreement. All written comments ents should be sent to the City Clerk, PO Box 1997, Kalispell, MT 59 03; or by email to tw.hite@l.l�spe.l.00m. The City Council, at the time of the Public Hearing on the 6th day of September, 2005, shall consider all public comments and vritten communication received by the City Clerk pursuant to this Notice. Following the Public Hearing, the Council may duly and regularly pass and adopt a Resolution approving the loan agreement. The time when said Resolution shall go into effect shall he fixed by said Reso . tion. Theresa White City Clerk Publish: August 23, 200 August 30, 200