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