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ORDINANCE NO.W—,SV G'
<br /> AN ORDINANCE of the City of Everett, Washington,
<br /> authorizing the purchase of a site located at the
<br /> southwest corner of Intercity and Evergreen Way for
<br /> the location of Fire Station #6, and budgeting funds
<br /> for such purpose.
<br /> WHEREAS, the City Council recognizes the need for increased fire protec-
<br /> tion for the City of Everett's growing southern sections; and
<br /> WHEREAS, a site has been located for the construction of Fire Station #6,
<br /> a facility that would provide that protection; and
<br /> WHEREAS, the 1967 general obligation bond issue specifically included a
<br /> portion of bond proceeds to be used for fire station acquisition; and
<br /> NOW, THEREFORE, BE IT ORDAINED by the Everett City Council that:
<br /> Section 1:
<br /> Fire and Paint Construction Fund No. 305 will be utilized to pur-
<br /> chase Fire Station Site #6 located at the southeast corner of
<br /> Intercity and Evergreen Way.
<br /> Section 2:
<br /> Authorization is hereby given to purchase this site.
<br /> Section 3:
<br /> The cost of the site is $500,000, which includes $480,000 for the
<br /> land and $20,000 for a chain link fence on the land. The terms of
<br /> payment include $145,000 down, and the remaining $355,000 to be paid
<br /> over a 5-year period at 91/27. simple interest. The payment schedule
<br /> will be as follows:
<br /> Total
<br /> Date Principal Interest Requirements
<br /> 2-1-81 $28,556.20 $16,862.50 $45,418.70
<br /> 8-1-81 29,912.61 15,506.09 45,418.70
<br /> 2-1-82 31,333.46 14,085.24 45,418.70
<br /> 8-1-82 32,821.80 12,596.90 45,418.70
<br /> 2-1-83 34,380.85 11,037.85 45,418.70
<br /> 8-1-83 36,013.93 9,404.77 45,418.70
<br /> 2-1-84 37,724.59 7,694.11 45,418.70
<br /> 8-1-84 39,516.51 5,902.19 45,418.70
<br /> 2-1-85 41,393.55 4,025.15 45,418.70
<br /> 8-1-85 43,346.50 2,058.96 45,405.46
<br /> TOTAL $355,000.00 $99,173.76 $454,173.76
<br /> The additional interest cost will make the total cost of the purchase
<br /> approximately $600,000.
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