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2. Valley Bank Land Exchange+.k +'..k �,k,, k'✓n l YA„V* ..�L��Yn{yt�M�,.v;;.. Cl*ty of Kali'spell k . .host Office Box �Kalispell, Montana - 1-Telephone-�` Fax- ' 5- R—EPORT TO: Honorable Mayor and City Council FROM: James H. Patrick, City Manager SUBJECT: Update on Negotiations for the potential Exchange of Property MEETING ATE: November 28, 2005 BACKGROUND: The City and valley Bank have discussed the exchange of the City parking lot located at the northwest corner of Main Street and Strect for the like amount o property currently owned by Valley Bank. This exchange would allow valley Bank to build a new facility on the City Parkin; lot and the exchange would allow the City to proceed with plans o build a new parking structure along the length of 1 t Ave, wS roan P to 2 a Streets. Valley is interested in proceeding with negotiations to exchange the property so that they can finalize their building plans. valley Bank and I have met with the parking Commission to discuss this proposal. The Parking Commission's comments were: 1. Like value property. However, there are environmental challenges on the City owned parking lot. "here is an old foundation that will need to be excavated', and the lot clues not allow full development due to the condition of the existing building foundation to the north. Lastly, the desire of the Parking Commission and City Council seems to be to find parcel large enough to build a parking structure. This exchange accommodates that plan. 2. valley retains ownership of three parcels instead of traser.n all parkin; lots to the City, whys valley believes that valley needs to retain three lots for their parking to be in compliance with zoning. The three lots being; retained were previously discussed and agreed to with Council as the three most expensive lots (for tax purposes). 3, will this keep valley Bank downtown`s valley has four options. one is to rebuild their current facility. This is difficult at best since they need to continue to operate while the new facility is being built. They are looking at another location downtown but not on Main Street. They are looking at moving north or south.. The best option for them is to move to Main Street as proposed. This also helps with the revitalization of the downtown and further implementation of the Downtown Plan. The Parking Commission did pass a Resolution to recommend to the City Council that negotiations on the proposed exchange of property continue. RECOMMENDATION: Council direct staff to continue negotiations with Valley Bark on the exchange of property. FISCAL EFFECT: None at this time. ALTERNATIVES: As suggested by the City Council. Respectfully submitted, .T .ffis H. Patrick, City Manager