The Vale City Council will consider a plan to buy the former Umpqua Bank building in Vale Tuesday night at its regular meeting at city hall. (The Enterprise/Rachel Parsons)
VALE – Vale could be getting a new city hall if the Vale City Council agrees Tuesday to buy the former Umpqua Bank building.
City Manager Russ Kirkpatrick confirmed Monday morning the plan to acquire the building has been in the works for a while.
“The mayor asked me about two months ago to look into the possibility of the purchase,” said Kirkpatrick.
Kirkpatrick said plans call for the city has tentatively agreed to pay $450,000 for the building.
“I am optimistic the city council will approve it,” said Kirkpatrick.
County records show the assessed value of the building at 150 Longfellow St. N. was $576,090 in 2018. The building is owned by Pioneer Bank, a Roswell, N.M. corporation.
The city will also use funds from a $450,000 loan from D.A. Davidson Companies – a Montana financial services holding company – to buy the building. Kirkpatrick said the interest rate of the loan from D.A. Davidson is 3.87 percent over 30 years.
The current city hall building was constructed in 1938 and is deteriorating, said Kirkpatrick.
Kirkpatrick said new quarters would move the city “into the next millennium.”
“And we will get it for such a great deal,” said Kirkpatrick.
Kirkpatrick said he welcomes input and questions from Vale residents about the potential purchase. Interested individuals can call Kirkpatrick at city hall at 541-473-3133 or attend the city council meeting Tuesday night and give testimony during the public participation portion of the session. Public comment is limited to three minutes per person. The meeting begins at 7 p.m.
“I would welcome for anyone to come and see my books and the research to show everyone exactly how we processed the potential acquisition,” said Kirkpatrick.
Umpqua Bank announced in November 2019 it was closing its Vale and Nyssa branches.
At that time, the bank said it would consolidate both branches into its Ontario facility.
Kirkpatrick said if the council approves the plan, he wants to rent out the old city hall.
News tip? Contact reporter Pat Caldwell at [email protected] or 541-235-1003.
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