Title
Ordinance declaring certain real property no longer needed for municipal purposes and authorizing the sale of same to North Alabama Property Leasing, Inc.
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
On August 15, 2013 the IDB approved North Alabama Property Leasing, Inc.'s request to purchase property they have been leasing at the FBE Industrial Park, Lot 2. They have complied with the lease agreement and according to the lease agreement can purchase the property for $10. The IDB would like to proceed with the sale pending legal review.
SOURCE OF FUNDING:
Please provide the amount requested: ____________
Is this a budgeted item? Yes /No
Please provide the budgeted amount: $_____________ Account No. ___________________________
If budgeted, is this a capital purchase, capital project, or special fund? _________________________
Was this item included in the Fiscal Year Capital Projects Plan? Yes/No
If yes, please provide the amount included in Capital Projects Plan: $___________
Body
WHEREAS, the City of Foley transferred Lot 2 of the Foley Beach Express Industrial Park to the Industrial Development Board (a/k/a IDB)for the purpose of inducing industry and offering gainful employment to citizens in the Foley area, and
WHEREAS, North Alabama Property Leasing, Inc. entered into a Lease Agreement with an Option to Purchase anytime October 31, 2013 with the IDB, and they contacted the IDB in August advising of their intent to purchase and submitted a check in the amount of $10 as required according to the Lease Agreement, and
WHEREAS, the IDB adopted a resolution approving the conveyance of property to North Alabama Property Leasing, Inc. pending a legal review by a City attorney.
BE IT ORDAINED by the City Council of Foley, Alabama at its meeting on the 21st of January, 2014 as follows:
Section 1. It is hereby found, established and delared that certain real property, which is located in Baldwin County, Alabama, and which is described below, is no longer needed for public or municipal purposes, to wit:
Lot 2 of the Foley Beach Express Industrial Park, Unite 7 as recorded in the Baldwin County Judge of Probate's Office under Instrument No. 1263795 Slide 2445-B, Parcel Number 05-54-07-35-0-000-001.005
Section 2. It is hereby found, established and declared that it is in the best interest of the public and the City of Foley, Alabama to convey said real property to North Alabama Property Leasing. Inc. for nominal consideration.
Section 3. That the Chairman and Secretary/Treasurer of the Industrial Development Board are hereby authorized and directed to execute and attest a deed pending review by legal counsel which conveys title and to take any and all other actions they deem necessary or prudent to effectuate the sale of said property to North Alabama Property Leasing, Inc.