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• <br /> WHEREAS, as a condition precedent to negotiating a long-term ground lease, it <br /> is necessary to negotiate an exclusive negotiation agreement between the parties <br /> that would provide the City and Artspace adequate time to negotiate a long-term <br /> ground lease and provide Artspace sufficient time to conduct its due diligence <br /> relative to the site and pursue the necessary permits and financing for the Everett <br /> Regional Arts Center project. <br /> NOW, THEREFORE, it is hereby resolved by the City Council of the City of <br /> Everett: <br /> 1. Based on the above recitals, the City Council ratifies, approves and authorizes the <br /> City to support and promote the development, construction, and operation of the <br /> Everett Regional Arts Center to be located at 2919 Hoyt Ave., Everett, <br /> Washington. <br /> 2. The Mayor is authorized to engage in administrative and legal actions necessary <br /> to the support of the Everett Regional Arts Center within currently budgeted <br /> administration funding. <br /> 3. The Mayor is also authorized to negotiate a ground lease with Artspace Projects, <br /> Inc., of the Property for a term up to 100 years for the purpose of developing, <br /> constructing and operating the Everett Regional Arts Center, and as a condition <br /> precedent to the lease, to negotiate an exclusive negotiation agreement. <br /> rf <br /> ,COUNCIL MEMBER <br /> INTRODUCING RESOLUTION <br /> PASSED AND APPROVED THIS 26tIAY OF <br /> APRIL, 2006 <br /> / <br /> B; ' NDA STON. ' ER, <br /> COUNCIL PRES I - T <br /> 3 <br />