Title
Final Extension of Special Economic Development Grant Agreement between the City and COROC/Riviera, LLC
Summary
Description of Topic: (who, what, where, when, why and how much)
The City of Foley entered into a Special Economic Development Grant Agreement with COROC/Riviera, LLC on September 16, 2011 with reference to the Tanger Outlet Center, and under Article 3 of the Agreement it allows for two-year renewals until November 10, 2017. If approved this will be the final renewal under the Grant Agreement. A new grant agreement will need to be done in 2017 if warranted.
Body
WHEREAS, the City of Foley entered into a Special Economic Development Grant Agreement with COROC/Riviera, LLC on September 16, 2011 with reference to the Tanger Outlet Center, and
WHEREAS, under Article 3 of the Agreement it allows for two-year renewals until November 10, 2017. If approved this will be the final renewal under the Grant Agreement, and
WHEREAS, COROC/Riviera, LLC has respectfully requested that the Agreement be extended from the current expiration date of November 10, 2015, and
WHEREAS, the continuation of this agreement will be beneficial to both the City and the Tanger Outlet Center.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Pursuant to Article 3 (b) (i) of the Agreement between the City of Foley and COROC/Riviera, LLC executed on September 16, 2011, the City agrees to extend the Agreement to November 10, 2017.
SECTION 2: This Resolution shall become effective immediately upon its adoption as required by law.