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11111 <br /> 470 <br /> November 21,1990 ..� <br /> WHEREAS, the call for bids contemplates that u <br /> completion of construction o4 Fire Station No. 4, successful <br /> the City will <br /> occupy said improvements and commence paying lease rental for the <br /> e thereof for a term of years b t no such rental obligation shall <br /> commence unless and until the improvements a satisfactorily <br /> completed by bidder and are accepted by the City:and <br /> WHEREAS, the call for bids contemplates that in order to <br /> accomplish such lease financing,the City and the successful bidder, <br /> shall,upon acceRtance of the most advantageous bid,if execute <br /> a ground lease for the site of Fire Station No. 0,a leaseu <br /> -back of <br /> Fire Station No.4,and aconstruction contract;and <br /> WHEREAS, the call for bids further contemplates that a <br /> take-outfinancing x111 occur <br /> ur upon successful completion of <br /> construction of Fire Station No. 4, and that a commitment letter <br /> from Seattle-Northwest Securities Corporation be signed upon <br /> execution o4 the Construction Contract setting Porth the obligation <br /> of said firm to purchase certain rights, property and interests of <br /> the selected bidder upon successful completion of Fire Station NO.4; <br /> 3 <br /> NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br /> OF EVERETT as follows: 'A <br /> Section 1. Findings and Acceptance of Bid. The City Council }, <br /> finds and declares the bid of Lumpkln, Inc., attached hereto as _{ <br /> Exhibit A,.tO be the most advantageous bid for the construction of fj 1 <br /> Fire Station No.4,and such bid is hereby accepted. <br /> Section 2. Fintlings Relating to Ground Lease Rent. The City <br /> Coretol Pintls that the r t charged untler the Brountl lease attachetl <br /> rental as Exhibit C oP ebOoy given rent repress^is the ofxsuch <br /> rental value of the property, given the limitations o use of such 9 <br /> property (sole) use rther for the construction and operation 4 e <br /> fire station)G antl further11finds that ectlyuseiall ant charged0117 in r <br /> said Ground Lease will be oiplte p auto rhe maximum <br /> feasible <br /> �r _;- <br /> the sform of l the <br /> property <br /> the completed firenominal <br /> re e <br /> feasible x [el for the property is min Pact a nominal rental of 8100 <br /> prepaid rent. <br /> Section 3. Execution of Construction Contract,Ground Lease, <br /> Lease and Commitment Letter Authorized. The City Council authorizes <br /> the Mayor and City Ulerk to execute the Construction Contract, <br /> Ground Lease and Lease for the construction of Fire Station No.4, <br /> which documents are attached hereto in substantially final form e <br /> Exhibits 0, C, and D respectively, with such.'changes ee may be <br /> approved by the City Attorney and Preston Th g imson Seidler Gates <br /> d Ellie, counsel to the City. The Mayor and City Clerk are further <br /> authorized to execute an acknowledgement of a commitment letter <br /> ter from <br /> i <br /> Seattle Northwest Securities Corporation relating o take-out <br /> m <br /> financing of Fire Station No.4,in such for s allbe approved <br /> by the City Attorney and Preston Thorgrimson shidler Gates d Ellis, <br /> counsel to the City. .. <br /> The City Council further authorizes directs that City y <br /> officers, employees end agents, take all. ti necessary or <br /> a <br /> advisable to accomplish such tin end.. Y t tee teems and <br /> • conditions of suchagreements e xe t tl i cludf ng but not <br /> limited to the publication o4 1 of theGround Lease as required <br /> by the City Charer. <br /> o <br />