Title
A resolution authorizing the Mayor to execute the Amendment to Tax Abatement Agreements for future Foley Holdings, LLC. Subsidiaries
Summary
Description of Topic: (who, what, where, when, why and how much)
Budgetary Impact:
Non-Capital Item:
____ Budgeted under account #_______________ (discussion item)
____ Not budgeted, requesting transfer of $__________ from Account #______________ to Account #_____________.
____ Not budgeted requiring increase to account #___________ in the amount of $____________.
Capital - Departmental
____ Budgeted under account #______________ for $___________ and described in budget as __________________________________.
Additional amount needed, if any: Increase in budget of $_____________ OR, transfer of $___________ from Account #____________ to Account #_______________
____ Not Budgeted - account #____________ requires budget increase of $_____________.
Capital Project - **THE PRE-PROJECT CHECKLIST AND BUDGET CHECKLIST MUST BE ATTACHED TO THIS FILE**
In current year Capital Projects Plan:
_____ Yes, planned amount $___________, requesting $_________ as total project estimate, including contingencies, under account #_________________
_____ No, requesting $___________ as total project estimate, including contingencies, under account #____________________
Body
WHEREAS, subsidiaries of Foley Holdings, LLC. have been created and the City wishes to include them in the Tax Abatement Agreement for Foley Holdings, LLC., and
WHEREAS, The City wishes to authorize the Mayor to execute the Amendment to the Tax Agreement to include future subsidiaries of Foley Holdings, LLC.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Authorizes the Mayor to execute the Amendment to the Tax Abatement Agreement to include future subsidiaries of Foley Holdings, LLC.
SECTION 2: The Mayor will give a report to inform the City Council of the subsequent subsidiaries.
SECTION 3: This Resolution shall become effective immediately upon its adoption as required by law.