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11 <br /> SECTION 1 : Findings and Acceptance of Bid. <br /> The City Council finds and declares the bid of Sierra Construction Company, <br /> Inc. , copies on file with the City Clerk and incorporated herein by <br /> reference, to be the most advantageous bid for the construction of Fire <br /> Station No. 2, and such bid is hereby accepted. <br /> SECTION 2: Findings Relating to Ground Lease Rent. <br /> The City Council finds that the rent charged under the Ground Lease attached <br /> hereto as Exhibit C of $100 prepaid rent represents the maximum rental value <br /> of the property, given the limitations of use of such property (sole use <br /> being for the construction and operation of a fire station) and further <br /> finds that because all rent charged lessee under said Ground Lease will be <br /> directly passed on to the City in the form of lease rent for the completed <br /> fire station, the maximum feasible rental for the property is in fact a <br /> nominal rental of $100 prepaid rent. <br /> SECTION 3: Execution of Construction Contract, Ground Lease, Lease and <br /> Commitment Letter Authorized. <br /> The City Council authorizes the Mayor to execute the Construction Contract, <br /> Ground Lease and Lease for the construction of Fire Station No. 2, which <br /> documents are on file with the City Clerk and incorporated herein by <br /> reference, with such changes as may be approved by the City Attorney and <br /> Preston Thorgrimson Shidler Gates & Ellis, counsel to the City. Said <br /> execution is authorized subject to prior publication and expiration of the <br /> notice period required for leasing of City property. The Mayor is further <br /> authorized to execute an acknowledgement of a commitment letter from an <br /> underwriter relating to take-out financing of Fire Station No. 2, in such <br /> form as shall be approved by the City Attorney and Preston Thorgrimson <br /> Shidler Gates & Ellis, counsel to the City. <br /> The City Council further authorizes and directs that City officers, <br /> employees and agents, take all action necessary or advisable to accomplish <br /> such execution and carry out the terms and conditions of such agreements as <br /> so executed, including but not limited to the publication of the notice of <br /> the Ground Lease as required by City Charter. <br /> ADOPTED at a regular meeting of the City Council of the City of Everett, <br /> this / A.t day of May, 1991 . <br /> la."-KI , 4.....4( <br /> C � <br /> CJcilperson Intr•ducing olution <br /> INWlIA , 01-1(64-0 <br /> Council President <br /> (0217) <br /> 2 <br />