Title
Roads, Event Center and Utility Ball Field Construction
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
Agreement between Blue Collar (BC Foley, 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
WHEREAS, the City of Foley is interested in constructing certain public improvemnets, including roads, an event center, and utility ball fields, in conjunction with a private development of other improvements, all of which will benefit the City and public welfare; and
WHEREAS, BC Foley, LLC, the private developer, is interested in buying certain real property for the purpose of donating it to the City to facilitate the City's construction of the roads and the event center; and
WHEREAS, the City wants to induce BC Foley, LLC into developing other properties; and
WHEREAS, the City is interested in purchasing or leasing from BC Foley, LLC certain property on which the utility ball fields would be constructed; and
WHEREAS, the City intends to finance or recoup its capital investment in the purchase of the property and in the construction of the improvements through increased lodging tax receipts from new hotel rooms that will be constructed on nearby properties, through the issuance of one or more municipal bond issues, and through the use of federal or state transportation grants; and
WHEREAS, the City wants to provide BC Foley, LLC with this Resolution stating the City's commitments to perform certain actions and the conditions and contingencies for performing those commitments;
NOW, THEREFORE, BE IT RESOLVED ...
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