Vale elected leaders Tuesday night decided to delay a final decision on a plan to buy the former Umpqua Bank building at 150 Longfellow St. N. to replace city hall. (The Enterprise/Rachel Parsons)
VALE – The Vale City Council isn’t ready to cut a final deal on a new city hall.
At least not yet.
On Tuesday, June 23, the council decided to put off a final decision on the plan to buy the former Umpqua Bank building in Vale to give City Attorney Larry Sullivan time to review the financial package for the sale.
“The city of Vale will purchase the building. We are going forward. I think it is a good deal for us,” said Vale Mayor Mike McLaughlin.
The council will consider the purchase a second time July 14. The meeting begins at 7 p.m.
Current plans call for the city to buy the building for $450,000. The building, at 150 St. N., was assessed at $576,090 in 2018. The building is owned by Pioneer Bank, a Roswell, New Mexico, corporation.
The city will pay for the property through a $450,000 loan from D.A. Davidson Companies, a Montana financial service holding company.
The interest rate on the D.A. Davidson loan is 3.87 percent over 30 years.
The current city hall was constructed in 1938 and is deteriorating, said Kirkpatrick.
Umpqua Bank announced in November 2019 it was closing its Vale and Nyssa branches.
At the time, the bank said it would consolidate both branches into is Ontario facility.
Kirkpatrick if the council decides to buy the former Umpqua Bank building, 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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