Title
A RESOLUTION AUTHORIZING A SPECIAL ECONOMIC DEVELOPMENT GRANT AGREEMENT BY THE CITY OF FOLEY, ALABAMA AND MCKENZIE VILLAGE, LLC
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
A RESOLUTION AUTHORIZING A SPECIAL ECONOMIC DEVELOPMENT GRANT AGREEMENT BY THE CITY OF FOLEY, ALABAMA AND MCKENZIE VILLAGE, LLC
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
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 McKenzie Village, 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 February 7, 2014, the City caused to be published in The Onlooker, which newspaper has the largest...
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