Title
A RESOLUTION AUTHORIZING AN
ECONOMIC DEVELOPMENT GRANT AGREEMENT
BY THE CITY OF FOLEY, ALABAMA
AND
SDP AL FOLEY 1, LLC
Body
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FOLEY, ALABAMA, as follows:
ARTICLE 1
Definitions
Agreement means the Economic Development Grant Agreement by the City and the Developer attached to this Resolution as Exhibit A.
Amendment No. 772 means Amendment No. 772 to the Constitution of Alabama of 1901, as amended.
Bond Counsel means Maynard, Cooper & Gale, PC.
City means the City of Foley, Alabama.
Council means the City Council of the City.
Developer means SDP AL Foley 1, LLC.
Public Notice means the notice attached to this Resolution as Exhibit B.
Validation Act means Article 17 of Chapter 6 of Title 6 of the Code of Alabama 1975.
ARTICLE 2
Representations
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 delivery and performance of the Agreement by the City will provide for the economic growth and development of the City in furtherance of the public interest thereof
(b) The expenditure of public funds for the purposes specified in the Agreement will serve a valid and sufficient public purpose, notwithstanding any incidental benefit accruing to any private entity or entities.
(c) The City caused the Public Notice to be published on January 26, 2022 in The Onlooker, which newspaper has the largest circulation in the City.
(d) The aggregate indebtedness of the City (including without limitation the Total City Commitment under the Agreement) which will be outstanding under, and chargeable against the limitation upon indebtedness prescribed by, Amendment No. 772 on the Effective Date of the Agreement will not exceed fifty percent (50%) of the assessed valuation of the taxable property of the City as assessed for state taxation for the tax year ending September 30, 2021.
ARTICLE 3
The Agreement
(a) The Council a...
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