Title
TO APPROVE A CORRECTIVE DEED AND TO CONFIRM AND RATIFY A PURCHASE AGREEMENT AND PROMISSORY NOTE
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
TO APPROVE A CORRECTIVE DEED AND TO CONFIRM AND RATIFY A PURCHASE AGREEMENT AND PROMISSORY NOTE
SOURCE OF FUNDING:
Please provide the amount requested: ____________
Is this a budgeted item? Yes /No
Please provide the budgeted amount: $_____________ Account No. ___________________________
If budgeted, is this a capital purchase, capital project, or special fund? _________________________
Was this item included in the Fiscal Year Capital Projects Plan? Yes/No
If yes, please provide the amount included in Capital Projects Plan: $___________
Body
WHEREAS, the City of Foley (the "City") is the owner of certain real property located in the City of Foley, Baldwin County, and more particularly described herein below; and
WHEREAS, the City desires to transfer said property to The City of Foley Public Facilities Cooperative District (the "District") pursuant to the terms of a Deed, Purchase Agreement and Promissory Note; and
WHEREAS, the City desires to confirm and ratify a Purchase Agreement and Promissory Note.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FOLEY as follows:
THAT the City hereby approves the transfer of certain property pursuant to a Deed, Purchase Agreement and Promissory Note in substantially the form attached hereto as Exhibit "A", with such changes as may be approved by the Mayor, with his execution of the Deed, Purchase Agreement and Promissory Note indicating his approval and acceptance thereof; and
THAT the City hereby confirms and ratifies the Purchase Agreement and Promissory Note attached hereto as Exhibit "B" for the 13.782 acres commonly referred to as the Farmers' and Fishermen's Market property, and confirm and ratify the donation to the District of the remaining 17.388 acres conveyed by Warranty Deed dated October 16, 2013 and recorded October 18, 2013 as Instrument #1425464 in the records of the Judge of Probate of Baldwin County, Alabama.