11. Resolution 5186 - Valley Bank Land Exchangeifs^✓ . R:-'-E\�����-�'"'"y"' .'�'L. �'..r="' .
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w» Past Office Box 1997 Kalispell, Montana 59903- 997 - Telephone 40) 758-7000 Fax - 405) 755-7758
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REPORT TO: Honorable Mayor and City Council
FROM: Jaynes H. Patrick, City Manager
SUBJECT: Valley Bank Land Exchange
MEETING DATE: March 5, 2007
BACKGROUND: At the last Council workshop on February 26, 2007, Council discussed a
proposed land exchange with Valley Bank. Valley Bank's current proposal is to exchange the
City owned five lots at the corner of Main and 3 d Street for five Valley Bank owned lots on Is'
Ave. East, along with any monitory compensation due to appraisal differences. Council asked
for a study to determine the number of parking spaces on the five proposed Valley Bank's lots,
on the five lots plus Valley Bank's remaining three lots, and on all of the lots along I" Ave. East
to include those owned by Glacier Bank. That study is attached.
Council directed the City Manager to start developing a developers agreement which would
address air rights over the remaining Valley Bank's remaining three lots, local appraisal and
costs, insuring Valley Bank retains fifteen parking spots next to their new facility, interim
parking during construction, and negotiate parking lot management.
The attached resolution is a commitment to Valley Bank that the Council has the intent to
approve the land exchange and directs the City Manager to prepare and bring the sales exchange
agreement and developer's agreement to the City Council for its review and approval.
RECOMMENDATION: That Council adopt the attached resolution and direct the City
Manager to prepare and bring the sales exchange agreement and developer's agreement back to
the City Council for its review and approval.
Respec ubmitted,
mes H. Patrick
City Manager
RESOLUTION NO.5186
A RESOLUTION TO APPROVE THE PROPOSAL OF VALLEY BANK FOR A LAND
EXCHANGE BETWEEN THE CITY AND VALLEY SANK AND FOR THE DEVELOPMENT
OF A NEW VALLEY BANKING FACILITY AND PARKING FACILITIES AND TO DIRECT
THE CITY MANAGER TO NNEGOTIATE THE TERMS OF A DEVELOPER'S AGREEMENT
AND PURCHASE AND SALES EXCHANGE AGREEMENT WITH VALLEY BANK.
WHEREAS, the City of Kalispell currently owns Lots S, 9, 10, 11, and 12 on Block 55 of the Old
Kalispell Townsite bounding on Main Street and Valley Bank currently owns Lots 16,
17, 18, 19 and 20 on Block 55 of the Old Kalispell Townsite bounding on First Avenue
West; and
WHEREAS, the City currently utilizes its above -described property for public parking purposes and
Valley Bank currently utilizes its above -described property for its banking facility and for
parking purposes; and
WHEREAS, Valley Bank has proposed that the parties exchange the above -described properties for
fair market value so that Valley Bank may construct a new banking facility upon the
Main Street property and so that the City may develop a parking facilities plan to better
meet the needs of the Kalispell Downtown community; and
WHEREAS, the terms of a purchase and sales exchange agreement and a developer's agreement must
be negotiated and agreed upon between the City of Kalispell and Valley Bank before the
sale may be consummated.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF KALISPELL
AS FOLLOWS:
SECTION I. The City Manager is directed to negotiate a purchase and sales exchange
agreement and a developer's agreement with Valley Bank that is consistent with
the proposal provided and that is in the best interests of the City of Kalispell and
to bring such purchase and sales exchange agreement and developer's agreement
to the City Council for its review and approval
PASSED AND APPROVED BY THE CITY COUNCIL AND SIGNED BY THE MAYOR OF THE
CITY OF KALISPELL, THIS 5TH DAY OF MARCH, 2007.
Pamela B. Kennedy
Mayor
ATTEST:
Theresa White
City Clerk