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�.y <br />Ms. Judy Bull <br />March 16, 1988 <br />Page Two.... <br />2. The building would be available to the library for occupancy <br />on January 1, 1990 or as soon thereafter as the Bank is able <br />to move to its new building. <br />3. The Library Board and the Bank would have to agree to the <br />appraised value of the building, as determined by an <br />independent fee appraiser to be employed by the Bank. We <br />believe the appraised value of the building would be <br />approximately $350,000.00, exclusive of Bank - related <br />features and the land on which it is located, based on our <br />estimate of replacement cost less depreciation. <br />4. The transaction would have to be approved, as to form and <br />substance, by the Bank's legal counsel and CPAs so as to <br />qualify as a charitable gift deductible for income taxes <br />under State and Federal regulations. <br />5. The transaction would have to be approved by State and <br />Federal Bank regulatory authorities having jurisdiction over <br />banks in such matters. <br />If the possibility of a gift of our present bank building to the <br />County Library Board, for the purpose and under the conditions <br />outlined above, is of interest to you please let us know. We <br />will, then, ask our professional advisors to put together a more <br />detailed proposal with the hope that we can find a way to put <br />the present Bank building to good use when our new building is <br />ready for occupancy. <br />Sincerely, <br />Donald T. Raleigh <br />President <br />DTR:jm <br />cc: Mr. Jim Wells, Director <br />Washington County Library <br />2150 Radio Drive <br />Woodbury, MN 55125 <br />Mr. Charles Swanson <br />Washington County Administrator <br />Washington County Government Ctr. <br />14900 - 61st Street North <br />Stillwater, MN 55082 <br />