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WHEREAS, the call for bids contemplates that upon successful <br /> completion of construction of Fire Station No. 4, the City will <br /> occupy said improvements and commence paying lease rental for the <br /> use thereof for a term of years but no such rental obligation shall <br /> commence unless and until the improvements are satisfactorily <br /> completed by bidder and are accepted by the City; and <br /> WHEREAS, the call for bids contemplates that in order to <br /> accomplish such lease financing, the City and the successful <br /> bidder, shall, upon acceptance of the most advantageous bid, if <br /> any, execute a ground lease for the site of Fire Station No. 4, a <br /> lease-back of Fire Station No. 4 , and a construction contract; and <br /> WHEREAS, the call for bids further contemplates that a take- <br /> out financing will occur upon :.uccessful completion of construction <br /> of Fire Station No. 4, and that a commitment letter from Seattle- <br /> Northwest Securities Corporation be signed upon execution of the <br /> Construction Contract setting forth the obligation of said firm to <br /> purchase certain rights, property and interests of the selected <br /> bidder upon successful completion of Fire Station No. 4 ; <br /> NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br /> OF EVERETT as follows: <br /> Section 1. Findings and Acceptance of Bid. The City Council <br /> finds and declares the bid of Lumpkin, Inc. , attached hereto as <br /> Exhibit A, to be the most advantageous bid for the construction of <br /> Fire Station No. 4 , and such bid is hereby accepted. <br /> Section 2 . Findings Relating to Ground Lease Rent. The <br /> City Council finds that the rent charged under the Ground Lease <br /> attached hereto as Exhibit C of $100 prepaid rent represents the <br />