08. Abrahm's Offer to Purchase College Property...... ._ _-.....__. ..._r . i .. _..._... ..... . __ ..p__._ .. p ._.p.. _._�....__ .
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PROFESSIONAL
HANDLING am a
OF YOUR U
REAL ESTATE REALTY
NEEDS
BOX 460 LAKESIDE, MT 59922
(406) 844-3395 FAX (406) 844-2031
August 12, 1996
Kalispell City Council
Kalispell, Montana 59901
Re: Tax Increment District
City of Kalispell
Mr. Mayor and Members of the City Council;
HOMES
ACREAGE
LOTS
RANCHES
BUSINESS
PROPERTIES
This a formal request to secure $270,000.00 of tax increment financing to purchase and clear
improvements located at the corner of Center Street and 3rd Ave E. and east of the Glacier Bank
Drive-thru facility. This request is for the benefit of a proposed 24,500 sq. ft. building to house a
major retailer. The funds will be used to clear on 24,000. sq. ft. masonry building and two metal
buildings on the property. The $270,000.00 is applied to the following:
Acquiring the existing improvements ............................. $210,000.00
(*At current Flathead County assessed valuation)
Demolition and site clearance ........................................ $ 60,000.00
I, as an agent of Woods and Water Realty, represent the major retailer and the owner. We are
finalizing lease negotiations between the two parties.
It is the intent of the owner to have this new structure in place by June 1, 1997 and the retailer to
be open for business by August 1, 1997. As we have mentioned to Mr. Gallagher, in a meeting
last week, it is imperative that we receive a favorable vote from the City Council so that we may
be able to proceed with final arrangements with our tenants.
It is anticipated by all our preliminary figures that the cost of development of this building will run
in the range of$1,200,000.00, with tenant improvements of $380,000.00,
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At this point I would like to finish by saying that a lot of effort was put in to identify this location
and it would be a real shame to see a major retailer be force to relocate to a location outside the
tax increment district and the city not benefiting from what could be a 30 year tenant. In addition
to having a new retail tenant, a new and more attractive building will be incorporated into the
downtown area. This always gives existing downtown tenants some security that more consumers
will shop the downtown area and not opting to shop elsewhere.
It is imparative that we receive the City's acceptance and acknowlegement of this project and tax
increment funding during your meeting of August 19th, but no later than September 9th, 1996.
Your prompt consideration of this matter is greatly appriciated
Sine
David C. Thomquist
Broker Associate
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