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Sponsored by: Oates <br /> ittEw <br /> CITY OF SEWARD, ALASKA <br /> RESOLUTION 2010 -002 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, <br /> ALASKA, AUTHORIZING THE CITY MANAGER TO ENTER INTO <br /> AMENDMENT NO. 4 TO THE GROUND LEASE WITH SEWARD SHIP'S <br /> DRYDOCK, INC. FOR THE REAL PROPERTY DESCRIBED AS LOTS 1 -A <br /> AND 3, BLOCK 7, FOURTH OF JULY CREEK SUBDIVISION, SEWARD <br /> MARINE INDUSTRIAL CENTER, SEWARD SHIP'S DRYDOCK REPLAT, <br /> ACCORDING TO PLAT 2002 -22, SEWARD RECORDING DISTRICT, <br /> THIRD JUDICIAL DISTRICT, STATE OF ALASKA <br /> WHEREAS, the City is the owner of the above - described real property ( "Property ") located <br /> in the City of Seward, Alaska; and <br /> WHEREAS, the City, as Lessor, leased the Property to the Seward Ship's Drydock, Inc. <br /> since 1988, with the current Ground Lease in effect since 1995, as amended (the "Ground Lease "); <br /> and <br /> WHEREAS, the Lease Term, as described in the Ground Lease, was for the period ending <br /> June 30, 2009 subject to possible extensions through June 30, 2029; and <br /> WHEREAS, Seward Ship's Drydock, Inc. desires to extend the possible maximum Lease <br /> Term through June 30, 2040; and <br /> WHEREAS, all other provisions of the Ground Lease remain unchanged; and <br /> WHEREAS, the City has determined that entering into the Amendment No. 4, in <br /> substantially the form presented at this meeting, is in the public interest and will serve a public <br /> purpose by encouraging investment in capital improvements to the Premises or the Shiplift Facility <br /> (each as defined in the Ground Lease); and <br /> WHEREAS, a public hearing meeting the requirements of Seward City Code §7.05.125 was <br /> held on January 11, 2010. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br /> OF SEWARD, ALASKA, that: <br />