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r <br /> RESOLUTION NO. 3799 <br /> A RESOLUTION of the City Council of the City of <br /> Everett, Washington, approving the interest <br /> rates to be paid under a lease with option to <br /> purchase for the Community Theater; approving <br /> the assignment to an underwriter of certain <br /> interests of Colby Square Partners, L.P. with <br /> respect to such lease; and ratifying certain <br /> acts . <br /> WHEREAS, the City of Everett ("City") is authorized by <br /> Chapter 35. 42 RCW to acquire real and personal property by means <br /> of a lease with option to purchase; and <br /> WHEREAS, the City has heretofore executed a lease with <br /> option to purchase ("Lease") , construction contract <br /> ("Construction Contract") , and syndication agreement <br /> ("Syndication Agreement") with Colby Square Partners, L.P. <br /> ("Contractor") to provide for the construction of the Community <br /> Theater (the "Improvements") on certain real property of the <br /> Contractor (together, the "Property") and, upon completion of the <br /> Improvements, the acquisition of said Property by the City by <br /> means of lease financing; and <br /> WHEREAS, on June 10, 1993, substantial completion of the <br /> Improvements occurred and a certificate of occupancy was issued <br /> for the Improvements; and <br /> WHEREAS on June 16, 1993, the City Council passed Ordinance <br /> No. 1949-93, authorizing the execution of an Amendment to Lease <br /> in connection with the lease financing of the Improvements, and <br /> authorized City staff to conduct a public sale of Contractor' s <br />