Title
A Resolution Accepting the Site Development Project Agreement from the State Industrial Development Authority
Summary
Under Resolution 25-1093, Council approved Goodwyn Mills Cawood (GMC) to assist the City of Foley with an application of the SEEDs grant program. Under Resolution 25-1316, Council approved the required matching funds of $3,327,500 for the purchase. The SEEDS grant has been awarded under the Site Development Project Agreement with the State Industrial Development Authority. The grant amount is $3,327,500.00 with the City to match $3,327,500.00 as well towards the purchase. Staff recommends to move forward with the acceptance of the grant, the purchase of the property including applicable closing costs, and to amend the following accounts: $3,327,500.00 in GL#400-6010-4100 (SEEDS grant revenue account) and $6,745,000.00 in GL#400-6010-5101 (Land Purchases expense account)
Body
WHEREAS, under Resolution 25-1093, Council approved Goodwyn Mills Cawood (GMC) to assist the City of Foley with an application to the SEED grant program, and
WHEREAS, under Resolution 25-1316, Council approved the required matching funds of $3,327,500 for the purchase
WHEREAS, the SEEDS grant has been awarded under the Site Development Project Agreement with the State Industrial Development Authority with a grant amount of $3,327,500.00 with the City to match $3,327,500.00 as well towards the purchase, and
WHEREAS, Staff recommends to move forward with the acceptance of the grant, the purchase of the property including applicable closing costs, and to amend the following accounts: $3,327,500.00 in GL#400-6010-4100 (SEEDS grant revenue account) and $6,745,000.00 in GL#400-6010-5101 (Land Purchases expense account)
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1; Accept the Site Development Project Agreement to provide $3,327,500.00 through the State Industrial Development Authority and amends the following accounts: $3,327,500.00 in GL#400-6010-4100 (SEEDS grant revenue account) and $6,745,000.00 in GL#400-6010-5101 (Land Purchases expense account).
SECTION 2: Approves the Mayor, Clerk, and other City officials to sign the grant agreements, contracts, and other documentation required to move forward with the purchase of the property for an amount not to exceed $6,745,000.00.
SECTION 3: This Resolution shall become effective immediately upon its adoption as required by law.