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11. Resolution 5186 - Valley Bank Land Exchangeifs^✓ . R:-'-E\�����-�'"'"y"' .'�'L. �'..r="' . Cl*ty of w» Past Office Box 1997 Kalispell, Montana 59903- 997 - Telephone 40) 758-7000 Fax - 405) 755-7758 .....:.. 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