Title
Memorializing Payment to Adams and Reese for Professional Services
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
Consider approving payment to Adams and Reese for professional services related to the recent NMTC transaction. This expense will be included in a revised reimbursement agreement between
the CAFFM, Inc. and the CFPFCD. The CFPFCD will in turn reimburse the City of Foley.
SOURCE OF FUNDING:
Please provide the amount requested: $112,280.77
Is this a budgeted item? Yes /No
Please provide the budgeted amount: $_____________ Account No. 01-627-3040 Legal Fees/Economic Development Dept.
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, there is in place a reimbursement resolution between the Coastal Alabama Farmers' and Fishermen's Market, Inc. (CAFFM, Inc.)and the City of Foley Public Facilities Cooperative District (CFPFCD) that will be amended as required
WHEREAS, the CFPFCD will in turn reimburse the City of Foley.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Memorializes payment to Adams and Reese in the amount of $112,280.77 for professional services related to the recent New Markets Tax Credit financing transaction.
SECTION 2: Amends Economic Development's Legal Fees account 01-627-3040 in the amount of $112,280.77.
SECTION 3: Directs the City Treasurer to present this invoice to legal advisors for inclusion in the next revised Reimbursement Agreement between the CFPFCD and the CAFFM, Inc.
SECTION 2: This Resolution shall become effective immediately upon its adoption as required by law.