PZ - Purchase Agreement_StatementGalena Opportunity Fund
Impact Investing, Development, Performance
www.galenafund.com
Mailing Address
802 W Bannock St, Suite 204 | Boise, Idaho 83702 PO Box 1158 | Boise, Idaho 83701
999 W Main St, Suite 1400 | Boise, Idaho 83702
November 19, 2019
Cameron Arial, MPA, Ph.D.
Director
City of Meridian | Community Development Department
33 E. Broadway Ave.
Meridian, Idaho 83642
RE: Conditional Use Permit:
MERIDIAN STATION
415 E. BROADWAY, MERIDIAN, ID 83646
614-632 N. MAIN ST, MERIDIAN, ID 83646
Dear Mr. Arial:
Galena Opportunity, Inc., an Idaho corporation, as Purchaser, and Mountain West Group, LLC, an Idaho
limited liability company and William W. Ditz, an individual residing in Ada County, Idaho, personal,
together as Seller, have entered into a Membership Interest Purchase Agreement dated August 12, 2019
for all of the limited liability company interests in and of East Broadway Investment Company, LLC, an
Idaho limited liability company ("Project Company").
It is contemplated under the MIPA that prior to Galena's acquisition of the Project Company, the Project
Company will acquire the Meridian Station property.
The Project Company is entering into Real Estate Purchase and Sale Agreements with heirs of the last
owners of record of the Meridian Station property. In these Agreements, the heirs grant to the Project
Company the right to apply for and obtain entitlements for the Meridian Station property, expressly
including street vacations, reasonably necessary or appropriate for the Project Company's development
of the Meridian Station property.
In addition, the Project Company and Union Pacific Railroad Company, a Delaware corporation, have
entered into an Agreement for Release and Purchase of Interest and Improvements on or about October
22, 2019 for an easement held by UPRC in the Meridian Station property. That Agreement requires the
Project Company to use commercially reasonable efforts to obtain all necessary governmental approvals
required to constitute the Property as a legal lot and entitled property.
Note that the descriptions of the Meridian Station property in the foregoing agreements, as well as the
degree and extent of the interests of the sellers therein, are not identical, reflecting the complexity of
the ownership interests in the land.
We appreciate you continuing to process our applications to the City for this project in a staged manner
so that we can begin to construct the property in the late spring of 2020.
GALENA OPPORTUNITY FUND
Impact Investing, Development, Performance
www.galenafund.com
On behalf of those we serve,
Bill Truax
President
Encl.
IMPACT INVESTING
x WHY Workforce (esp. without tax credits)
o Scalable
o Replicable
o Reduced cost of execution on financing and development (i.e. lower cost per unit)
x WHY Vertical farming
o Healthy foods initiative
o Hyperlocal—food choices are at the preference of individual residents
o Reduces impact of food desert effect in many urban areas
o Excess production can be donated to utilized by a CSA or similar group
o Imprints the value of sustainability at all age levels