City bond counsel Dorsey and Whitney recommend that the City assume the contract between the Parmly Billings Library Foundation Inc. and Will Bruder + Partners to provide a clear relationship between the City both as Owner and now as Client, given that the construction of the new building will be funded primarily by City funds realized through sale of general obligation bonds.

The City Council may:
* Approve the attached Assignment and Assumption Agreement, or
*Not approve the attached Assignment and Assumption Agreement.

Creating the Assignment and Assumption Agreement was paid for as part of Dorsey and Whitney's services in preparing the bonds for rating and issuance. No additional financial impact is anticipated regardless of the which action the City Council takes on the Agreement.

Staff recommends that the City Council approve the Agreement.