Ordinance 1818-91 - Laserfiche WebLink

ORDINANCE NO. 1818-91 AN ORDINANCE of the City of Everett, Washington, authorizing the execution of an amended and restated ground lease and lease in connection with the acquisition, by means of a lease financing plan, of Fire Station No. 4 ; approving a total principal amount of lease payments of $1, 500, 000 for purposes of such lease financing; authorizing approval by resolution of certain terms and conditions and approving other actions and documents relating to such lease financing; making certain finding; and ratifying certain actions. WHEREAS, the City of Everett ("City") is authorized by Chapter 35. 42 RCW to lease its real property on terms and conditions that require the lessee to construct a building thereon and following construction to lease back to the City the building so constructed; and WHEREAS, on August 22 , 1990, the City advertised for bids for the construction of a fire station ("Improvements") on certain unimproved real property ("Property") owned by the City to be financed by means of such a lease-lease back arrangement; and WHEREAS, by Resolution No. 3399 of the City Council, adopted on November 21, 1990, the City accepted the bid of Lumpkin, Inc. ("Contractor") to lease the Property from the City, build the Improvements thereon according to specifications approved by the City, and lease said Improvements back to the City, all pursuant to a construction contract entered into by the City and Contractor on December 12 , 1990 ("Construction Contract") ; and WHEREAS, pursuant to the Construction Contract, the City and Contractor on December 12 , 1990, executed a Ground Lease leasing the Property to the Contractor ("Ground Lease") and simultaneously