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WHEREAS, the City has heretofore negotiated an agreement <br /> authorizing acquisition through a lease purchase transaction of the <br /> Wall Street Building which agreement (the "Contract") has been <br /> approved by the City Council. <br /> NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: <br /> Section 1. Findings. <br /> A. There exists both a present and future need for <br /> substantial additional space for City offices. <br /> B. Without meeting that need, public services provided <br /> by the City will deteriorate, negatively impacting the social and <br /> economic health of the City. <br /> C. The City has developed long range office space plans <br /> to insure its ability to meet its governmental responsibilities and <br /> to serve the ongoing social and economic needs of the City. The <br /> purchase of the Property is in furtherance of such plan. <br /> D. Although the City presently does not need all office <br /> space contained in the Property, anticipated growth in City <br /> requirements will mandate its use of such office space in the <br /> future as it becomes available. <br /> E. There are no other buildings within the City that <br /> meet the criteria of the City for office space to meet its existing <br /> and future needs. <br /> F. It is hereby found and declared that the public <br /> interest, welfare and benefit require the City to acquire the <br /> Property to meet the present and future needs of the City for <br /> office and meeting space for City officials and administrative <br /> -2- FWW068 91/03/06 <br />