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Council considers $1.4M opening offer for three downtown parcels appraised at $1.8M; environmental checks required
Summary
Heritage Bank is marketing three downtown parcels as a $1.8M package. A council member proposed a $1.4M cash offer; staff said cash is available but noted environmental due diligence for the gravel lot and full council approval would be required.
A council member told the finance committee that Heritage Bank is marketing three downtown parcels as a single package with a combined appraisal of about $1,800,000 (paved lot ~$1,000,000; drive-through ~$500,000; gravel lot ~$250,000) and suggested the city submit a $1.4 million cash offer to acquire the sites for parking and to influence redevelopment across the street.
Finance Director Noah Crocker said the city has cash available in fund balance and could use a reimbursement resolution or wrap the purchase into future borrowing tied to the community event center, but cautioned about the public facilities district’s (PFD) debt commitments and the need for the PFD to agree to any shared debt service. The council member noted environmental concerns for the gravel lot, saying there were barrels and contamination historically and that the seller should provide a No Further Action (NFA) letter from Ecology as part of due diligence.
Council members agreed they were comfortable with the proposer working with the bank and bringing a purchase-and-sale to full council for approval; they said counteroffers would be handled in executive session before any final open‑session approval.
