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<br />Sponsored by: Shealy <br /> <br />I <br /> <br />CITY OF SEWARD, ALASKA <br />RESOLUTION 2004-17 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SEWARD, ALASKA, TERMINATING LEASE RE-84-040 AND <br />AUTHORIZING THE CITY MANAGER TO ENTER INTO A NEW <br />LEASE AGREEMENT WITH CHARLES S. BALD AND CAROL <br />LALLATIN FOR LOT 6, BLOCK 1, MARINA SUBDIVISION <br /> <br />WHEREAS, Charles S. Bald and Carol Lallatin (collectively the Lessee) <br />currently lease Lot 6, Block 1, Marina Subdivision for the purpose of operating the <br />Marina Restaurant; and <br /> <br />WHEREAS, in order to obtain more favorable financing, Lessee requests an <br />extension of the lease term; and <br /> <br />WHEREAS, Lease RE-84-040 originally dates from 1971 and standard terms, <br />conditions, insurance, legal and other items have changed; and <br /> <br />WHEREAS, a new Lease has been drafted to address these changes and the <br />existing lease (which would run to 2010) will be terminated; and <br /> <br />,I <br /> <br />WHEREAS, the City Council has determined that the continued development of <br />the harbor area and operation of a restaurant at Lot 6, Block 1, is in the public interest. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF <br />THE CITY OF SEWARD, ALASKA, that: <br /> <br />Section 1. For the reasons stated in the recitals and incorporated herein by this <br />reference, it is in the public interest to replace the existing lease with a new lease <br />covering Lot 6 Block 1 Marina Subdivision for a longer lease term The City Manager is <br />authorized and directed to enter into a lease agreement with Charles S. Bald and Carol <br />Lallatin in substantial form as attached hereto; notwithstanding the foregoing, the City <br />Manager may make such changes or corrections as needed to finalize the lease <br />transaction but without changing the essential terms and conditions as set out in the <br />attached lease. The City Manager is also authorized to sign and record any and all related <br />documents in connection with this transaction such as the plat, the lease termination, the <br />memorandum of lease, and the like. <br /> <br />I <br /> <br />Section 2. The effective date of the new lease shall begin following the effective <br />date of this resolution and upon the signing of the lease and any associated documents <br />and recording of the new memorandum of lease. Lease RE-84-040 will be terminated <br />upon that effective date. <br /> <br />Section 3. The lease rate will be at the existing rate reflecting the year 2000 fair <br />market appraisal adjustments as applicable under the existing lease. The lease rate under <br />