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G 545 <br /> October 9,1991 <br /> RESOLUTION <br /> Attorney Sharon OeHann recommended that to avoid any potential <br /> legal challenges on Ordinance 1810-91 that Council ratify and <br /> confirm the actions of last week. <br /> Moved by Councilman Gipson, seconded by President Narrow the <br /> approval of Ordinance No. 1818-91 authorizing the execution of <br /> C amendacquisition,ed <br /> and restated by ground leasefaleaseand ease in financing pl n, of <br /> with <br /> Fire Station No. 0;approving means <br /> a tote/principal amount of lease <br /> payments of $1,500,000 for purposes of such lease financing; <br /> authorizing approval by resolution of certain terms and <br /> conditions and approving other actions and documents relating to <br /> such lease financing; making certain findings; and ratifying <br /> certain actions and adopting Resolution No. 3539 approving the <br /> interest rates to be paid under a lease w1th option to purchase <br /> Tai Fire Station No.4 as follows; <br /> WHEREAS, the City of Everett ("City") is authorized by Chapter <br /> 35.42 ROW to lease its reel property on terms and conditions <br /> that require the lessee to construct a building thereon and <br /> following construction to lease back to the city the building so <br /> constructed and <br /> ground ( has lease <br /> WHEREAS,lease C1"Ground M1eLease"), eaxndCutconstruction("concontract <br /> ("Construction Contract") with Lease"), and <br /> Inc ("Contractor") to <br /> provide for the leasing of certain real property from the City, <br /> the construction thereon of Fire Station No. 4 (the <br /> "Improvements"), and the leasing back of said Improvements upon <br /> completion to the City;and <br /> substantial completion to contractor fox the Improvements;antl <br /> WHEREAS, on September 18, 1991, the Gity Council accepted the <br /> Improvements as finally complete, contingent upon completion of <br /> C punch list items;end <br /> WHEREAS on October 2, 1991 the City Council passed Ordinance <br /> No.1818-91, authorizing the <br /> x cution of ended and <br /> restated Ground Lease and Leasein connection with the lease <br /> financing of the Improvements, and authorized City staff to <br /> conduct a public sale of Contractor's interests in the <br /> Improvements,the lease and Ground Lease,as contemplated in the <br /> Construction Contract, and further authorized the City council <br /> to approve the results of such public sale, and the resulting <br /> lease rental interest rates,by resolution;and <br />