"Over the year and half as a TechRanch client, we grew the business substantially – resulting in a sizeable equity investment from a NY-based company.... and a year later, an outright purchase from Disney. Without Tech Ranch, we may not have enjoyed such phenomenal success."
---Jen Boulden, Co-Founder
Ideal Bite
Full Article
SubscribeCommission Approves Sale of Former City Hall |
| Bozeman, MT, 1/20/2010 |
|
The
Bozeman City Commission voted 4-0 on Tuesday night to move forward with
an $810,000 offer to buy the former City Hall, but it was done with
reluctance. TechRanch, a not-for-profit business incubator in Bozeman,
is looking for a new facility and was interested in the property, too.
But TechRanch would have needed at least three months to try to secure
funding and city commissioners said they felt it wasn't a sure enough
deal to wait.
"It's unfortunate of the timing of this," Commissioner Chris Mehl said, but "it's not in hand the way that this is." The city is moving forward with selling the property, at the corner of Main Street and Rouse Avenue, to GSC Family Limited Partnership, owned by Steve, Cindy and Gretchen Kleimer. The Kleimers also own the buildings in downtown Bozeman that house Dave's Sushi, Main Street Overeasy and Helly Hansen as well as the apartment building directly east of the former City Hall. Tom Starner, the Kleimer's real estate agent, said the family plans to reuse the existing building, ideally attracting a nonprofit to rent the office space. The $810,000 offer represents the lowest amount that the city can legally sell the building for at 90 percent of the property's appraised value. And city officials estimate the city will take a $2,861 loss on the move from the old City Hall to the new one, down the street on Rouse Avenue. The 13,160-square-foot former City Hall building, which sits on a 20,625-square-foot lot, was originally appraised at $1.6 million in January 2008. However, an updated appraisal in February 2009 dropped the value to between $900,000 and $1.2 million. By law, the commission must sell public lands for at least 90 percent of its worth. But commissioners worried that if they waited any longer, the value could drop even further. "I don't think doing a new appraisal is going to show the value went up between 2009 and today," City Manager Chris Kukulski told commissioners. TechRanch, which is currently located in the Advanced Technology Park off West College Street, had proposed leasing the former City Hall property at no cost in a deal that other business incubators have worked out with local governments. John O'Donnell, executive director for TechRanch , said the nonprofit is eligible for up to $2 million in government economic development funds to fix up the building in exchange for use of the space. Plus, TechRanch expanding would mean local business growth for the community. Mayor Jeff Krauss said passing up TechRanch 's proposal is throwing away the opportunity to make a statement to Montana State University, the state and federal government that Bozeman is serious about economic development. "That's a tough thing to discard for the minimum bid," Krauss said. The sale does not become final, though, until 30 days after a second adoption by the commission scheduled for Feb. 1. In other business, the City Commission voted 4-0 to hear from each of the 13 candidates who have applied for a vacant seat on the commission during their next regular meeting on Monday. Each of the candidates will have a few minutes to present their case and commissioners plan to vote for their selection. The person chosen will replace Eric Bryson, who resigned from the commission to take a job in Helena. |
Source: Bozeman Daily Chronicle |
Contact: Amanda Ricker |