Title
A RESOLUTION AUTHORIZING CERTAIN AMENDMENTS TO THE TAX ABATEMENT AGREEMENT DATED JULY 5, 2016, AS AMENDED, BY THE CITY OF FOLEY, ALABAMA AND FOLEY HOLDINGS LLC
Body
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FOLEY, ALABAMA:
ARTICLE 1
Definitions
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For purposes hereof:
2022 Amendments means collectively:
(i) the General Amendment to Tax Abatement Agreement, to be dated the date of delivery, by the City and the Company, in amendment of the Original Abatement Agreement; and
(ii) the Amendment to Tax Abatement Agreement (Section II), to be dated the date of delivery, by the City and IRH Foley LLC, in amendment of the Original Abatement Agreement.
Agreement means the Original Abatement Agreement as amended by the 2022 Amendments.
Bond Counsel means Maynard, Cooper & Gale, PC.
City means the City of Foley, Alabama.
Company means collectively the following persons signatory to the Original Abatement Agreement:
(i) Foley Holdings LLC;
(ii) Foley Hotel One LLC;
(iii) Park at OWA LLC;
(iv) Shops at OWA LLC;
(v) RV Park at OWA LLC.
Council means the governing body of the City.
Enabling Law means Chapter 9B of Title 40 of the Code of Alabama 1975.
Original Abatement Agreement means the Tax Abatement Agreement dated July 5, 2016 by the City and Foley Holdings LLC, as amended by:
(i) Amendment of Tax Abatement Agreement dated August 12, 2016, by the City, Foley Holdings LLC and Foley Hotel One LLC; and
(ii) Amendment of Tax Abatement Agreement dated April 17, 2017, by the City, Foley Holdings LLC, Park at OWA LLC, and Shops at OWA LLC; and
(iii) Amendment of Tax Abatement Agreement dated August ___, 2019, by the City, Foley Holdings LLC and RV Park at OWA LLC.
ARTICLE 2
Representations
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The Council, upon evidence duly presented to and considered by it, has found and determined, and does hereby find, determine and declare as follows:
(a) the Council has reviewed the Amendments; and
(b) the amendment of the Original Abatement Agreement pursuant to the Amendments, and the performance thereof, will provide for the continuing economic growth and development of the City in furtherance of the public interests thereof; and
(c) the expenditure of public funds, by abatement of the payment of taxes, for the purposes specified in the Agreement will serve a valid and sufficient public purpose.
ARTICLE 3
Authorizations
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(a) The Council approves and authorizes the terms and provisions of, and the amendment of the Original Abatement Agreement by, the Amendments.
(b) The Council authorizes and directs the Mayor, Finance Director, and City Clerk of the City to:
(1) execute under seal and attest the Amendments;
(2) execute, deliver, file and record such certificates, documents and notices with respect to such matters of fact as Bond Counsel determines to be necessary in connection with the Amendments;
(3) deliver the Amendments when advised by Bond Counsel; and
(4) effect the performance of the Agreement.
(c) The Council approves and authorizes the restatement of the Agreement into a single agreement to be executed and delivered by the City and the Company at such time as the Mayor of the City shall determine; provided such restatement of the Agreement shall not create any additional obligation, or extend or increase any stated obligation, of the City under the Agreement.
ARTICLE 4
Ratification
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The Council ratifies and confirms all prior action taken, and all certificates, documents, petitions, proceedings and public notices delivered, by or on behalf of the City in furtherance of the transactions herein authorized.
ARTICLE 5
Effect of Resolution
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The Council authorizes this Resolution to take effect immediately and repeals any provision of any resolution, order, ordinance, or proceeding of the City to the extent of any conflict or inconsistency thereof with the provisions of this Resolution.