Resolution 5048 - Resolution of Intent - BOI Loan - Wells Fargo BuildingKREPSOLUTIO T NO, 5048
A. RESOLUTION N of INTENT BY THE CITY of KALISPELL TO ENTER INTO A
LOAN .AGREEMENT WITH THE BOARD OF INVESTMENTS of THE STATE of
MON ANA►. FOR THE PRINCIPAL SUM OF $111.00,000FOR THE PURPOSE of
PURCHASING THE READ PROPERTY AND IMPROVEMENTS AT 201 FIRST
AVENUE EAST, KALISPELL, AND o 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 - - 10 _ and MCA 7-5-
4306 and subject to MCA --4201., to incur debt for the purpose of purchasing
real estate and improvements for public buildings; and
WHEREAS, Wells Largo Bank has offered to sell its facility and appurtenances located at 20 _
First Avenue East to the City of Kalispell for the sum of 1, .00,000; and
WHEREAS, a public hearing should be held to tale public comment and evidence regarding
whether or not it Is in the best interests of the City of Kalispell to enter into a loan
agreement with the Board of Investments of the Mate of Montana for the purpose
of securing the financing for the purchase of the Wells Fargo facility.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL; of THE CITY of
KA I S ELL AS FOLLOWS:
SECTION 1. That the Kalispell City Council intends to enter 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 ents at 201 First Avenue East, Kalispell, Montana ana .
SECTION II. 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 -1- 12 .
SECTION III.Prior to the regularly scheduled meeting of the City Council of the City of
Kalispell, on Monday, y, September 6, 2005, the City Clerk shall forward all
written communication received by said Clerk for Co ncil's consideration.
SECTION VI. he City Council of the City of Kalispell shall Mold a public hearing to
ors' d er the loan agreement with the Board of Investments of the Mate of
Montana, at a meeting to be held on the 6th day of September, 2005, at
:00 .m., in the, Council Chambers, City H .1 , 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 E Y THE CITY COUNCIL AND SIGNED BY THE MAYOR OF
THE CITY OF KALISPELL, THIS 22nd DAY OF AUGUST, 2005.
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ATTEST:
.
Theresa Waite
City Clerk