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ORDINANCE NO. /W9-93 <br /> AN ORDINANCE of the City of Everett, Washington, <br /> authorizing the execution of an amendment to <br /> a lease (with option to purchase) in <br /> connection with the acquisition, by means of <br /> a lease financing plan, of a community <br /> theater; approving a total principal amount <br /> of lease payments of $10, 152, 728 for purposes <br /> of such lease financing; authorizing approval <br /> by resolution of certain terms and conditions <br /> and approving other actions and documents <br /> relating to such lease financing; making <br /> certain findings; and ratifying certain <br /> actions . <br /> WHEREAS, the City of Everett ("City") is authorized by <br /> Chapter 35. 42 RCW to lease real property with an option to <br /> purchase; and <br /> WHEREAS, by Ordinance No. 1763-91, passed by the City <br /> Council on January 2, 1991, the City authorized development of a <br /> plan for constructing a community theater and for financing such <br /> plan; and <br /> WHEREAS, on March 6, 1991, the City Council approved a <br /> request for proposals for constructing a community theater; and <br /> WHEREAS, by Resolution No. 3493 of the City Council, adopted <br /> on July 3, 1991, the City accepted the bid of Colby Square <br /> Partners to design and build a community theater for acquisition <br /> by the City, along with the underlying real property (together, <br /> the "Property") , by means of a lease with option to purchase; and <br /> WHEREAS, by Resolution No . 3543 of the City Council, adopted <br /> on October 23, 1991, the City approved the assignment to Colby <br />