Title
A Resolution to Grant a Tax Abatement to Point Broadband Holding, LLC
Summary
Description of Topic: (who, what, where, when, why and how much)
Body
This Resolution is made this 3rd day of September, 2024 by the City Council of the City of Foley, Alabama, a municipal corporation (the Granting Authority), to grant a tax abatement to Point Broadband Holding, LLC (the Company).
WHEREAS, the Company has announced plans for a major addition to their existing fiber optic network (the Project) within the jurisdiction of the Granting Authority; and
WHEREAS, pursuant to the Tax Incentive Reform Act of 1992 (Section 40-9B-1 et seq., Code of Alabama 1975) (the Act) the Company has requested from the Granting Authority an Abatement of all state and local noneducational property taxes for a period of three (3) years; and
WHEREAS, the Granting Authority has considered the request of the Company and the completed applications (copy attached) filed with the Granting Authority by the Company, in connection with its request; and
WHEREAS, the Granting Authority has found the information contained in the Company’s application to be sufficient to permit the Granting Authority to make a reasonable cost/benefit analysis of the proposed project and to determine the economic benefits to the community; and
WHEREAS, the construction of the project will involve a capital investment of over $12,000,000; and
WHEREAS, the Company is duly qualified to do business in the State of Alabama, and has powers to enter into, and to perform and observe the agreements and covenants on its part contained in the Tax Abatement Agreement; and
WHEREAS, the Granting Authority represents and warrants to the Company that is has power under that constitution and laws of the State of Alabama (including particularly the provisions of the Act) to carry out the provisions of the Tax Abatement Agreement;
NOW THEREFORE, be it resolved by the Granting Authority as follows:
Section 1. Approval is hereby given to the application of the Company and abatement is hereby granted of all state and local noneducational property taxes as the same may apply to the fullest extent permitted by the Act. The period of abatement for the noneducational property taxes shall extend for a period of three (3) years measured as provided in Section 40-9B-3(a)(12) of the Act.
Section 2. The governing body of the Granting Authority is authorized to enter into an abatement agreement with the Company to provide for the abatement granted in Section 1.
Section 3. A certified copy of this resolution, with the application and abatement agreement, shall be forwarded to the Company to deliver to the appropriate local taxing authorities and to the Alabama Department of Revenue in accordance with the Act.
Section 4. The governing body of the Granting Authority is authorized to take any and all actions necessary or desirable to accomplish the purpose of the foregoing of this resolution.