Title
A RESOLUTION AUTHORIZING A 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 prepared that certain Special Economic Development Grant Agreement to be dated the date of delivery (the “Special Economic Development Grant Agreement”), as set forth in Exhibit A hereto, for the purposes referenced therein.
(b) The City has the power and authority under Amendment No. 750 of the Constitution of Alabama of 1901, as amended (“Amendment No. 750”) to authorize, deliver and perform the Special Economic Development Grant Agreement.
(c) The expenditure of public funds for the purposes specified in the Special Economic Development Grant Agreement will serve a valid and sufficient public purpose, notwithstanding any incidental benefit accruing to any private entity or entities.
(d) (1) On ____________, 2016, the City caused to be published in The Onlooker, which newspaper has the largest circulation in the City, the notice required by Amendment No. 750, a true and correct copy of which notice is attached to this Resolution as Exhibit B.
(2) The information set forth in said notice is true and correct.
(3) Publication of said notice is hereby ratified and confirmed.
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 Special Economic Development Grant Agreement, and
(b) the terms and provisions of the Special Economic Development Grant 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 Council President 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 Special Economic Development Grant Agreement as hereinafter provided.
Section 3.
(a) The Council President is hereby authorized and directed to execute and deliver the Special Economic Development Grant 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 Special Economic Development Grant Agreement and to attest the same.
(b) The Council President 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 Special Economic Development Grant Agreement, as the Council President and such officers shall determine to be necessary or desirable to carry out the provisions of this resolution or the Special Economic Development Grant Agreement or duly and punctually observe and perform all agreements and obligations of the City under the Special Economic Development Grant Agreement.
Section 4. All prior actions taken, and agreements, documents or notices executed and delivered, by the Council President 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 Special Economic Development Grant 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.