Title
A RESOLUTION AUTHORIZING AN AMENDED AND RESTATED
SPECIAL ECONOMIC DEVELOPMENT GRANT AGREEMENT
BY THE CITY OF FOLEY, ALABAMA AND 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 #_____________.
____ 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
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:
Section 1. 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 City and Foley Square, LLC (the “Owner”) have heretofore delivered that certain Special Economic Development Grant Agreement dated June 6, 2016 (the “Special Economic Development Grant Agreement”) for the purposes referenced therein.
(b) The Special Economic Development Grant Agreement provides:
(i) for development in the City of commercial facilities defined and described in such Agreement as the Foley Square Project;
(ii) for the provision of certain economic development funds by the City to the Owner with respect to the Foley Square Project; and
(iii) for the repayment to the City by the Owner, on October 18, 2020, of the amount by which the aggregate economic development funds advanced by the City to the Owner for the Foley Square Project exceeds the sum of certain fees and sales taxes received by the City from the Foley Square Project prior to such date.
(c) The City and the Owner have agreed that the City shall credit against all amounts due to the City on October 18, 2020 under the Special Economic Development Grant Agreement the amount of sales taxes received by the City prior to October 18, 2020 from certain other facilities of the Owner in the City.
(d) In furtherance thereof, the City and the Owner have prepared that certain Amended and Restated Special Economic Development Grant Agreement (the “Amended and Restated Foley Square Agreement").
Section 2. The Council does hereby approve, adopt, authorize, direct, ratify and confirm:
(a) the agreements, covenants, and undertakings of the City set forth in the Amended and Restated Foley Square Agreement, and
(b) the terms and provisions of the Amended and Restated Foley Square Agreement, in substantially the form and of substantially the content as set forth in Exhibit A hereto, with such changes thereto (by addition or deletion) as the Mayor shall approve and as shall not increase the amount or the term of the obligations of the City thereunder, which approval shall be conclusively evidenced by execution and delivery of the Amended and Restated Foley Square Agreement as hereinafter provided.
Section 3.
(a) The Mayor is hereby authorized and directed to execute and deliver the Amended and Restated Foley Square Agreement for and on behalf of and in the name of the City. The City Clerk is hereby authorized and directed to affix the official seal of the City to the Amended and Restated Foley Square Agreement and to attest the same.
(b) The Mayor and the officers of the City are each hereby authorized and directed to take all such actions, and execute, deliver and perform all such agreements, documents, instruments, notices, and petitions and proceedings, with respect to the Amended and Restated Foley Square Agreement, as the Mayor and such officers shall determine to be necessary or desirable to carry out the provisions of this resolution or the Amended and Restated Foley Square Agreement or duly and punctually observe and perform all agreements and obligations of the City under the Amended and Restated Foley Square Agreement.
Section 4. All prior actions taken, and agreements, documents or notices executed and delivered, by the Mayor or any officer or member of the Council or other representative of the City, in connection with the agreements, covenants, and undertakings of the City hereby approved, or in connection with the preparation of the Amended and Restated Foley Square Agreement and the terms and provisions thereof, are hereby approved, ratified and confirmed.
Section 5. All ordinances, resolutions, orders, or parts of any thereof, of the Council in conflict, or inconsistent, with any provision of this resolution hereby are, to the extent of such conflict or inconsistency, repealed.
Section 6. This resolution shall take effect immediately.