Resolution 5174 - Approves Refinance of Wells Fargo Building/New City HallIRE SOLUTION NO.5174
A RESOLUTION TO REFINANCE THE PURCHASE OF THE WELLS FARGO (NEW
CITY HALL) PROPERTY THROUGH A MUNICIPAL PROJECT LEASE AND
OPTION AGREEMENT WITH THE MUNICIPAL SERVICES GROUP, INC.
WHEREAS, the Kalispell City Council has determined that a true and very real need exists for
the refinancing of the Project (purchase of the Wells Fargo property) described in
the Municipal Project Lease and option Agreement No. P16 to (the "Agreement")
presented to this meeting; and
WHEREAS, the Kalispell City Council has taken the necessary steps, including any legal
bidding requirements, under applicable law to arrange for the refinancing of such
Project; and
WHEREAS, the Kalispell City Council hereby directs its legal counsel to review the
Agreement and negotiate appropriate modifications to said Agreement so as to
assure compliance With state law and local statutory law, prior to execution of the
Agreement by those persons so authorized by the governing body for such
purpose.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
KALISPELL AS FOLLOWS:
SECTION I. Approval: Authorized officers. The terms of said Agreement are in the
best interests of the City of Kalispell for the refinancing of such Project,
and the Kalispell City Council hereby authorizes the execution, delivery,
and performance by Lessee of the Agreement and the Ground Lease, and
designates and confirms the following persons to execute and deliver the
Agreement, the Ground Lease, and any related documents necessary to the
consummation of the transactions contemplated by the Agreement.
SECTION II. Findings. The Project, under the terms and conditions provided for in the
Agreement, is necessary, convenient, in the furtherance of and will at all
times be used in connection with Lessee's governmental and proprietary
purposes and functions (except to the extent that subleasing of the Project
is permitted under terms of the Agreement) and are in the best interests of
Lessee, and no portion of the Project will be used directly or indirectly in
any trade or business carried on by any person other than a governmental
unit of the State on a basis different from the general public.
SECTION III. Maintenance. The Kalispell City Council covenants that it will perform
all acts within its power which are or may be necessary to insure the
maintenance of its legal status as being a duly organized and existing
entity under the laws of the State, which status is the basis for the interest
portion of the Rental Payments coming due under the Agreement to at all
times remain exempt from federal income taxation under the laws and
regulations of the United States of America as presently enacted and
construed or as hereafter amended.
PASSED AND APPROVED BY THE CITY COUNCIL AND SIGNET] BY THE MAYOR OF
THE CITY OF I ALISPELL, THIS 5TH DAY OF FEBRUARY, 2007.
JAN Ala
L
amela B. Kenne
Mayor
ATTEST:
f
Theresa White
City Clerk