Resolution 3493 - Laserfiche WebLink

upon successful completion of construction of the Community Theater under which Certificates of Participation in the leasehold income from the City are offered to the public through a qualified underwriter; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EVERETT as follows: SECTION 1: Findings and Acceptance. The City Council finds and declares the proposal of Colby Squares Partners, attached hereto as Exhibit A, together with other proposal documents on file in the office of the Everett City Clerk, incorporated herein by reference, to be the most advantageous proposal for the design, construction and lease to the City of the Everett Community Theater and such proposal is hereby accepted, except as modified in Exhibit A-l. SECTION 2 : Execution of Construction Contract and Lease. The City Council authorizes the Mayor and City Clerk to execute the Construction Contract, Trust Agreement and Lease for the design and construction of the Everett Community Theater, which documents are in substantially final form in the City's RFP incorporated herein by reference, with such changes as may be approved by the City Attorney and Preston Thorgrimson Shidler Gates & Ellis, counsel to the City. The City Council further authorizes and directs that City officers, employees and agents, take all action necessary or advisable to accomplish such execution and carry out the terms and conditions of such agreements as so executed. SECTION 3 : It is the intention of the City that the lease between the City, as lessee, and Colby Square Partners, as lessor ("Lessor") , be considered an obligation (the "Lease") the interest on which is excludable from gross income under Section 103 of the Internal Revenue Code of 1986, as amended or the interest on which is not excludable, if and when the rental payment obligations commence under the Lease. It is further the intention of the City to assist Lessor in finding a third party to acquire the Lessor's interests in Everett Community Theater Lease, upon completion of construction, for the purpose of enabling Lessor to pay or reimburse its construction financing costs. SECTION 4 : The property described in the Lease hereto with respect to which the City intends to assist in enabling the Lessor to obtain reimbursement for Lessor's interim construction financing is property having a reasonably expected economic life of at least one (1) year.