FACILITIESAPPROVED

Poulsbo City Council Meeting Agenda August 2025

City to Repurchase City Hall Share from Historical Society

$200,000 purchase price; $20,000 down; $180,000 financed at 4.78% (balance approx. $101,192.79 as of 8/1/2025)City of PoulsboPOULSBO HISTORICAL SOCIETYAugust 13, 2025

Trusted by teams at

Description

Poulsbo City Council approved Resolution 2025-09 to invoke a termination clause in its real estate contract with the Poulsbo Historical Society for office and storage space in City Hall. The city will repurchase the society’s 1.5% tenant-in-common interest after a two-year notice period, with the outstanding financed balance reported at about $101,192.79 as of August 1, 2025.

Contract Details

Contract Amount

$200,000 purchase price; $20,000 down; $180,000 financed at 4.78% (balance approx. $101,192.79 as of 8/1/2025)

Vendor

POULSBO HISTORICAL SOCIETY

Agency

City of Poulsbo, WA

Contract Type

FACILITIES

Document Date

August 13, 2025

Contract Term

25 years from effective date of real estate contract; two-year termination notice period starting August 13, 2025

Renewal Date

2027-08-13

Renewal Info

Existing 25-year financed real estate contract continues during the two-year termination notice, after which the city will close on a repurchase per contract Section 16(b). Council encourages an earlier voluntary transition within that two-year window.