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5. Resolution 4435 - Valley Bank Parking Lot PurchaseRESOLUTION NO. 4435 A RESOLUTION RELATING TO THE ACQUISITION OF LOTS 8, 9, 10, 11, 12, BLOCK 55, KALISPELL ORIGINAL, IDENTIFYING THE INTEREST TO BE ACQUIRED AND PROVIDING A BASIS UPON WHICH TO BASE THE PURCHASE PRICE. WHEREAS, the City Council of the City of Kalispell, pursuant to Resolution No. 4157, authorized the sale of Lots 8, 9, 10, 11, 12, Block 55, Kalispell Original to the Valley Bank for the sum of $160,000, and WHEREAS, said sale, completed on or about December 16th, 1994, was subject to a covenant and restriction which required Valley Bank to build a banking facility upon said property within 24 months of the sale, or in the alternative to grant the City the right -of -first refusal to re -purchase the property for the sum of $160,000 and WHEREAS, Valley Bank has not proceed with the development of property as contemplated by the transfer, and WHEREAS, the City budget for fiscal 1999 authorizes an expenditure of $800,000 to provide additional off-street parking within the downtown area, and WHEREAS, purchase price of $160,000 has been established pursuant to a Deed and no appraisal is needed. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF KALISPELL, AS FOLLOWS: SECTION I. That the City Manager is authorized and directed to purchase from the Valley Bank a fee simple estate in Lots 8, 9, 10, 11, 12, Block 55, Kalispell Original for the sum of $160,000 for the purpose of assuring that said lots are utilized as a public parking facility. SECTION II. That the City Finance Director is authorized and directed to pay in accordance with the instructions from the Valley Bank the sum of $160,000 for Lots 8, 9, 10, 11, 12, Block 55, Kalispell Original. I:\wp\va11eybank.wpd SECTION III. That the City Attorney is authorized and directed to prepare any documents necessary to effect this Resolution and the City Manager is authorized and directed to accept and properly record on behalf of the City of Kalispell the deeds to said property. PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF KALISPELL AND SIGNED BY THE MAYOR, THIS DAY OF NOVEMBER, 1998. Wm. E. Boharski - Mayor Attest: Theresa White Clerk of Council I:\wp\valleybank.wpd