Title
A RESOLUTION OF CONSENT TO ASSIGNMENT OF SPECIAL ECONOMIC DEVELOPMENT GRANT AGREEMENTS BY FOLEY SQUARE, LLC
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 #_____________.**Request to Transfer Departmental Budget Dollars form must be attached**
____ Not budgeted requiring increase to account #___________ in the amount of $____________.**Request to Increase Departmental Budget Dollars form must be attached**
Capital - Departmental **Capital Purchase Worksheet form must be attached**
____ 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 #_____________**Request to Increase OR Request toTransfer Departmental Budget Dollars form must be attached**
____ Not Budgeted - account #____________ requires budget increase of $_____________.**Request to Increase Departmental Budget Dollars form must be attached**
Capital Project - **If requesting to start a project, a Capital Project Worksheet form must be attached**
In current year Capital Projects Plan:
_____ Yes, described as __________________________, planned amount $___________, requesting $_________ as total project estimate, including contingencies, under account #_________________
_____ No, requesting $___________ as total project estimate, including contingencies, under account #____________________.
_____ No, requesting an increase of $___________ to an already approved project titled ________________________ that is being tracked under Account No. ___________________.
Body
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FOLEY, ALABAMA (the
"Council"), AS GOVERNING BODY OF THE CITY OF FOLEY, ALABAMA (the "City"), as follows:
ARTICLE 1
Definitions
As used herein the following terms shall have the following meanings:
Agreements shall mean, collectively:
(a) Special Economic Development Grant Agreement dated December 6, 2016 by the City and the Company;
(b) Special Economic Development Grant Agreement dated July 13, 2018 by the City and the
Company.
Assignments means, collectively, the following instruments as attached hereto as Exhibit A:
(a) The Assignment of Contracts dated June 16, 2016 by the Company to the Bank; (b) The Assignment of Contracts dated June 7, 2018 by the Company to the Bank. Bank means Trustmark National Bank.
City shall mean the City of Foley, Alabama.
Company shall mean Foley Square, LLC and its successors and assigns.
ARTICLE 2
Representations
The Council has found and determined:
(a) The Agreements are in full force and effect on all original terms thereof.
(b) Pursuant to the Assignments, the Company has assigned the rights of the Company in and to the economic development grant payments to be made by the City under the Agreements to the Bank as security for certain obligations of the Company to the Bank.
(c) The Company has requested the consent of the City to the Assignments pursuant to
the Agreements:
ARTICLE 3
Agreement of City
Section 3.01 Consent of City
The City consents to the assignment by the Company to the Bank of the rights of the Company in and to the economic development payments to be made by the City pursuant to the Agreements;• provided, however, the City does not consent to the assignment or delegation by the Company of payment or performance of any agreement or any obligation of the Company under the Agreements.
Section 3.02 Reliance
The Company and the Bank may rely upon a certified copy of this Resolution for purposes of
the Agreements.
ARTICLE 4
Provisions of General Application
Section 4.01. Other Proceedings
Any resolution, order, ordinance, or part thereof, in conflict or inconsistent with the provisions of this Resolution is hereby, to the extent of such conflict or inconsistency, repealed.
Section 4.02. Effect of this Resolution
This Resolution shall take effect immediately.