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Ground Lease and Lease in connection with the lease financing of <br /> the Improvements, and authorized City staff to conduct a public <br /> sale of Contractor's interests in the Improvements, the Lease and <br /> Ground Lease, as contemplated in the Construction Contract, and <br /> further authorized the City Council to approve the results of such <br /> public sale, and the resulting lease rental interest rates, by <br /> resolution; and <br /> WHEREAS, such public sale has been duly noticed and conducted, <br /> and the bid of ,� � a.,, �,( (the "Underwriter") has been <br /> found to be the lowest responsible bid; and <br /> WHEREAS, 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 by Underwriter to be applied <br /> to the principal component of rental payable by the City under the <br /> Lease do not result in a lease rental exceeding rents for <br /> comparable space in the Everett metropolitan area; <br /> NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br /> OF EVERETT, WASHINGTON: <br /> Section 1. Approval of Bid. The bid of f ilex 3-qck'c - N-Dvcx-1 <br /> IY ("Underwriter") for the acquisition of <br /> Lumpkin, Inc. ' s ("Contractor' s") interests in the Ground Lease, <br /> Lease, and Improvements, as set forth on Exhibit A, is hereby <br /> approved. Exhibit A is hereby incorporated herein by this <br /> reference. <br /> Section 2 . Interest Rates on Lease. The City Council <br /> hereby approves, based on the findings in Section 3 of this <br /> 2 <br />