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328 0 <br /> July 3,1991 <br /> WHEREAS, the RFP contemplates that in order to ac complish the <br /> project, the City and the successful proposer, shall, upon <br /> acceptance of the most advantageous proposal,if any, execute a <br /> lease andaconstruction contract far final design and <br /> construction;an <br /> WHEREAS, the RFP further contemplates that the proposer has'tfie <br /> option to arrange, <br /> with City cooperation, a take-out financing <br /> u <br /> upon successful completion of construction of the Community 0 <br /> Theater under the Certificates of Participation in the leasehold <br /> income from the City are offered to the public through a <br /> qualified underwriter; <br /> NOW, THERFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br /> EVERETT as 1511011: <br /> SECTION 1: Findings and Acceptance. The City Council finds and <br /> declares the proposal of Colby Square Partners, attached hereto <br /> s Exhibit N, together with other proposal documents on file in <br /> the office of the Everett City Clerk, incorporated herein,by <br /> reference, to be the most advantageous.proposal for the design, <br /> construction and lease to the City of the Everett Community <br /> Theater and such proposal is hereby accepted,except as modified <br /> in Exhibit A-1. <br /> Section 2: Execution of Construction Contract and Lease. The <br /> City Council authorizes the Meyer and City Clerk to execute the <br /> Construction Contract, Trust Agreement and Lease for the design <br /> and construction of the Everett Community .Theater, which <br /> documents are in substantially final form in the City's RFP <br /> rporatedherein by reference, with such changes a may be <br /> s 000 At <br /> Gat Ellistheo Ciel <br /> torneythe <br /> d Preston Thorgrimson Shidler <br /> The City Council further authorizes end directs that City <br /> officers, employees and agents, take all action necessary or <br /> advisable to accomplish a ch execution and c rry out the rterms <br /> and conditions of such agreements as so executed. o <br /> SECTION 3: It is the intention of the City that the,lease <br /> between the City, as lessee, and Colby Square Partners, as <br /> lessor("Lessor"),be considered an obligation (the"Lease")the <br /> interest on which is excludable from gross income under Section <br /> 103 of the Internal Revenue Code o4 1986, as <br /> ended or the <br /> interest onwhich is not excludable, if and when the rental <br /> payment obligations C under the Lease. It is further the <br /> intention of the City ta assist Lessor in finding a third party <br /> to acquire the Lessor's interests in Everett Community Theater <br /> 0 <br /> 0 <br />