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EDB recommends $600,000 grant for bank redevelopment; presenter cites cleanup and spring 2027 timeline
Summary
Valley Bank representatives described property acquisition, underground tank removal and asbestos abatement and seek to build a 6,000 sq ft bank; the EDB recommended a 10% grant of $600,000 with one member abstaining.
Mark Anderson, representing the bank project, told the board Valley Bank acquired two lots totaling roughly 28,000 square feet and is planning a roughly 6,000-square-foot bank building. Anderson said site cleanup steps are complete: "They have pulled all gas tanks out of the ground so that is a win. This has all been cleaned up. They did abatement due to some asbestos and that has all been cleaned up." He said the project team intends to begin construction in spring 2027.
Board members questioned which costs the board should consider when recommending assistance. Kevin Hart noted that past practice limited county support to land and brick-and-mortar costs and suggested excluding furniture, banking equipment and IT from grant calculations. After discussion, the board approved a 10% grant in the amount of $600,000; the minutes record Kristy McKay abstained due to her position with Glacier/Valley Bank. The board will forward the recommendation to the ADLC Commission for final action.
