Laserfiche WebLink
BO <br /> February 26,1992 <br /> RESOLUTION-FIRE STATION NO.2 <br /> Moved by Councilman Pope, seconded by Councilman Overstreet to <br /> adopt Resolution NC. 3605 approving the interest rates to he <br /> paid under a lease with option to purchase for Fire Station No. <br /> 2 as follows. <br /> WHEREAS, the City of Everett ("City") is authorized by Chapter <br /> 35.42 RCW to lease its real 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 /> WHEREAS, the City has heretofore executed a lease ("Lease.), <br /> Mr.12trZtTn O:1-?=")LWIU,"Oierag Cg'ifirsT=Ir Co7,0=! <br /> ("Contractor") to provide for the, leasing of certain real <br /> property from the City, the construction thereon of Fire Station <br /> No. 2 (the "Improvements"), and the leasing back of said <br /> Improvements upon completion to the City;and <br /> WHEREAS, on January 14, 1992, the City issued a notice of <br /> substantial completion to Contractor for the Improvements and on <br /> January 15, 1992 issued a temporary certificate of occupancy to <br /> the contractor for Improvements;and ('S <br /> WHEREAS,on February 12, 1992 the City Council passed Ordinance <br /> No. 1858-92, authorizing the execution of an amended and <br /> restated Ground Lease and Lease in connection with the lease <br /> financing of the Improvements, and authorized City than 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 /> WHEREAS, such public sale has been duly noticed and conducted, <br /> and the bid of Security FaCific Securities, Inc. (the <br /> "Underwriter") has been found to be the lowest responsible bid; <br /> and <br /> WMEREAS,Contractor has accepted the bid of Underwriter;and <br /> WHEREAS, the Finance Director of the City has advised the <br /> Council that the interest rates bid oy Underwriter to be applied <br /> to the principal component of rental payable by the City under <br /> the Lease do not result in a lease rental exceeding rents far <br /> comparable space in the Everett metropolitan area; <br /> 0 <br />