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CITY OF SEWARD, ALASKA <br />RESOLUTION 2009-006 <br />WHEREAS, with the understanding that SAAMS would operate the SeaLifc Center during <br />the one-year period in which ADF&G may exercise its option, and based on representations by <br />SAAMS that the amount described to meet the City's obligations to ADF&G was $700,000 for fiscal <br />year 2006, the City and SAAMS agreed in the Lease that SAAMS would maintain a Termination <br />Fund in an amount of 5700,000 for fiscal year ending September 30, 2006 and increasing 3% each <br />year; and <br />WHEREAS, SAAMS is experiencing a temporary cash flow shortage and asks for a <br />temporary one-year reduction in the amount to be held in the Termination Fund; and <br />WHEREAS, SAAMS has provided sufficient documentation to explain the need for the <br />proposed changes and its reasonable plan to eliminate the cash flow shortage and to frilly fund the <br />Termination Fund by September 30, 2009; and <br />WHEREAS, the City Council has determined that it is in the public interest to enter into an <br />amendment to the Lease because of the public benefits provided by SAAMS to the Seward <br />community. <br />NO~i', THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF SEWARD, ALASKA, that: <br />Section 1. For the reasons stated in the above recitals, which are incorporated herein by <br />reference, it is in the public interest to enter into an Amendment to the Amendment and Restated <br />Agreement for Lease of Tract 2A, Waterfront Tracts, and Adjacent Tidelands and the Lease, <br />Operation and Maintenance of the Alaska SeaLife Center in substantially the form presented at this <br />meeting. <br />Section 2. The City Manager is hereby authorized to enter into the amendment in substantial <br />form as presented at this meeting and incorporated herein by reference, and to make such changes as <br />necessary to t7nalize the agreement between the parties but without changing the substantial terms <br />and conditions as described therein. <br />Section 3. This resolution shall take effect thirty (30) days after its adoption and posting. <br />PASSED AND APPROVED by the City Council of the City of Seward, Alaska, this 26`'' <br />day of.January, 2009. <br />THE CITY OF SF.~YARD, ALASKA <br />~, :.. <br />~~. <br />Willard Dunham, Vice Mayor ~" <br />