The purpose of this presentation is to further review the Stillwater Building purchase agreement documents presented to City Council at the September 27, 2021 regular business meeting.

In August 2019, the City of Billings issued a Request for Proposals (RFP) for law and justice/city hall facilities to accommodate the City's current and future facility needs.  Several proposals were received and the RFP committee selected the Stillwater Building located at 316 N 26th Street based on the suitability of the building to meet the City's needs for the foreseeable future (50+ years). Once the Stillwater Building was selected, the city administrator created a negotiation committee that included council members Boyette, Purinton, Joy, Shaw, Neese, as well as Iffland, Zoeller, Iverson, and architect Randy Hafer. The City entered into a negotiation and due diligence phase, ultimately resulting in negotiating the proposed buy-sell agreement for the City to purchase the entire building for $13.5 Million. 

At the September, 27, 2021 City Council meeting, Council voted to table the buy-sell agreement for two weeks to allow for further review and correction of document errors.
Staff will present the revised buy-sell agreement for Council consideration at the October 11th, 2021 regular business meeting.

No action is needed at this time, however Council may provide further direction to staff based on the presented information.

The estimated total project cost for the Stillwater Building purchase and build-out remains at $29,600,000. The expected edits and corrections to the purchase agreement do not affect the estimated project costs.

Please review the attached purchase agreement and exhibits, which will be presented and discussed at the work session.