Title
A Resolution to Purchase Real Property
Summary
Description of Topic: (who, what, where, when, why and how much)
The Foley City Council wishes to purchase the Coastal Real Estate and Development Building located at 120 S Mckenzie Street in Foley, Alabama in the amount of $600,000 plus half of the closing costs.
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 #_________________
__X___ No, requesting $_610,000__________ as total project estimate, including contingencies, under account #_400-1010-5101 Building Purchase-120 S McKenzie Street___________________.
_____ No, requesting an increase of $__________ to an already approved project titled ________________________ that is being tracked under Account No. ___________________.
Body
WHEREAS, the Foley City Council wishes to purchase the Coastal Real Estate and Development Building located at 120 S Mckenzie Street in Foley, Alabama in the amount of $600,000 plus half of the closing costs.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Approves the purchase of the Coastal Real Estate and Development Building located at 120 S Mckenzie Street in Foley, Alabama in the amount of $600,000 plus half of the closing costs and amends Account No. 400-1010-5101 with an increase of $610,000.
SECTION 2: This Resolution shall become effective immediately upon its adoption as required by law.