The Pointe property to change owners
Brian Walker | Hagadone News Network | UPDATED 12 years AGO
POST FALLS - The project anchored by Cabela's on Post Falls' west side is in the process of changing hands.
The Post Falls City Council recently approved an agreement allowing Wadsworth Acquisitions, a Utah limited liability company, to assume the property without any issues outstanding.
"This lets (Wadsworth) know that the master development agreement is in full force, has not been assigned or modified and is not under default," said Terry Werner, Post Falls public works director. "Wadsworth is doing their due diligence to make sure they know about any obligations if they were to take it over."
Carlsbad, Calif.-based Foursquare Properties has been the developer of The Pointe at Post Falls. Cabela's and Wal-Mart anchor the site, but activity, with the exception of the Interstate 90 interchange that opened last year, has slowed due to the recession.
"We haven't seen a lot of activity out there, so maybe this (pending ownership change) will spur on some activity," Werner said. "I know Foursquare has a lot of other projects going on."
No one could be reached for comment at Foursquare and Wadsworth on Monday afternoon.
Another item pertaining to the pending transfer of ownership is on tonight's city council agenda. The council is expected to approve an agreement accepting $55,000 from The Pointe, LLC (Foursquare) to satisfy an obligation for construction improvements on Pleasantview Road.
Wadsworth Acquisitions is a different company than Ralph L. Wadsworth, which constructed the I-90 Beck Road interchange, although some of the ownership is the same, Werner said.
"The city is happy to work with either developer to see the project come to fruition," said Shelly Enderud, Post Falls city administrator. "Both organizations have worked well with the city in the past and the city is happy to see that there may be renewed interest now that the interchange has opened."
A deal is expected to be finalized soon.
"Obviously, we have some stake in the game because we want to make sure we get paid if the Pointe is purchased," said Brandon Squire, project manager for the Ralph L. Wadsworth construction firm.
* In other business, the council is expected to approve a contract with LMM Leadership Group of Hayden to conduct an employee survey for $2,000.
The last employee survey was done in 2007. The new 50-question, Web-based survey would start in June.
"One of the things we have been repeatedly asked by employees is for more training," said Teresa Benner, the city's human resources director. "That is something we believe we really have to focus on going into the future."
Benner said the city has done internal surveys in the past, but a consultant can act as a third party.
Benner said city staff would spend about 20 hours on the project.
The city will be provided a list of recommendations and trends based on the data from employees.
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