10-02-89 Development Comm MinutesCity Development Committee
October 2, 1989 4.30 PM City Hall/Conference Room
Attending: Chairman Wayne Saverud, Mayor Kennedy, Noel Furlong, Jim Atkinson,
Ed Gallagher and Jack King and Dick Maurer of Valley Bank.
Chairman Saverud opened the meeting and stated that City Attorney Neier has
prepared a resolution that will make legal the committee's direction to the council to
remove the official status of the Parking Commission and making them an advisory
body.
Valley Bank Option to Purchase Third & Main Parking Lot: Valley Bank has submitted
a request for a sic (6) month option to purchase the parking lot for $130,000, which is
somewhat in excess of 90% of the appraised value of the property. The intent is that
this property will be an integral part of new development of a major building for their
banking operation. Wayne stated for the record that this property has been appraised
and offered for sale through public advertisement, and that time Valley was the only
bidder on the property. However, the bid was not 90% of the appraisal and the feeling
was that it was not in the city's best interest at that point to dispose of the property.
Since then the City has not actively advertised, but has always felt that the highest and
best use of that property is not parking.
There was discussion by those present about the 'Option', the proposed new
development, parking, zoning and building regulations. Noel stated that he feels
40 everyone is aware that the intent is to build a bank, but in case something unforeseen
should come up, can anything be put there or just a banking house. Mr. King stated that
if something unforeseen did come up and the bank had to pass the property on to
someone else, would the City want to be in the position of taking the property back, for
whatever was paid for it. Noel stated he had no problem with that and Wayne said he
thought it was adequate to know that they are not entering into this for real estate
speculation, but to build.
Noel moved to grant the option at $130,000 for six (6) months, with option payment of
$500.00 and so recommend to the City Council, and to re -submit the second part of the
proposal (acquisition of properties just North of the City owned property, owned by
Ron's Roost and Anderson Theater Company, Inc.) to the City Development Committee
for discussion, study and review after the option is presented to council, Jim Atkinson
seconded, motion carried.
Ed discussed the letter with a monitoring report recently received by the City and
Community Development Department from the Department of Commerce. The letter
addressed the monitoring of the Southwest project by Commerce, and gave the CDD and
City an outstanding report.
Meeting adjourned at 5:00 PM.