Title
APPROVAL TO MOVE FORWARD WITH SALE OF PROPERTY FOR HOSPITALITY PROJECT
Summary
Description of Topic: (who, what, where, when, why and how much)
Bhavis Real Estate Holdings, LLC has requested the purchase of 5.18+/- acres located at the Wilson Pecan Property.
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
Whereas, Bhavis Real Estate Holdings, LLC has requested the purchase of Lots 3 and 4 consisting of 5.18+/- acres located at the Wilson Pecan Property, and
Whereas, Bhavis Real Estate Holdings, LLC is requesting the first right of refusal to purchase Lot 5 consisting of the 5 +/- acres at the same price of $50,000 per acre that is not dedicated to Kindered Health Care Systems. If Kindred Health Care Systems decides not to develop on Lot 5, the developer is requesting first right of refusal at the same price per acre, and
Whereas, BHavis Real Estate Holdings, LLC will have the first right of refusal for a period of 36 months from the date of closing on the original purchase of Lots 3 and 4 consisting of 5.18+/- acres.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Approves to move forward with the sale of Lots 3 and 4 consisting of 5.18+/- acres at the price of $50,000 per acre and located at the Wilson Pecan Property to Bhavis Real Estate Holdings, LLC.
SECTION 2: Approves the first right of refusal to BHavis Real Estate Holdings, LLC to purchase Lot 5 consisting of approximately 5 acres if Kindred Health Care Systems decides not to build on Lot 5. Bhavis Real Estate Holdings, LLC also has the first right of refusal to purchase the acreage that Kindered Health Care Systems was originally going to develop.
SECTION 3: Authorizes the Mayor to sign the appropriate documents approving the sale.
SECTION 4: The transaction is contingent upon the proper completion of the Constitution of the State of Alabama's laws regarding Economic Development amendments and its proper advertisements, which the City hereby approves.
SECTION 5: This Resolution shall become effective immediately upon its adoption as required by law.