Title
Discuss the terms and conditions the City might be willing to sell, lease, or transfer certain rights in the property owned by the City.
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
Consider going into Executive Session to discuss certain real estate.
Body
WHEREAS, the City owns property located at the corner of North Alston Street and West Jessamine Avenue, and
WHEREAS, the Highland Group is interested in marketing the building at no cost to the City in exchange for a lease agreement with the option to purchase the property.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Approves the Highland Group to market the City owned building located at the corner of North Alston Street and W. Jessamine Avenue to tenants at no cost to the City. The City will retain the final approval of such tenants.
SECTION 2: Upon approval of the tenants the City authorizes the Mayor and City staff to create a lease/purchase agreement with the Highland Group. The monthly rent shall be $1,000 per month less any capital improvement expenditures made to the building equivalent to the monthly rent.
SECTION 3: The lease/purchase agreement allows them the right to purchase the property from the City at any point in the first five (5) years for a total purchase price of $133,000.
SECTION 4: This Resolution shall become effective immediately upon its adoption as required by law.