Title
A Resolution to Grant a Tax Abatement to Green Health Laboratories, LLC
Body
WHEREAS, Green Health Laboratories, LLC has announced plans for a new project located within the jurisdiction of the Granting Authority; and
WHEREAS, pursuant to the Tax Incentive Reform Act of 1992 (Section 40-9B-1 et seg., Code of Alabama 1975) (the Act) Green Health Laboratories, LLC has requested from the Granting Authority an Abatement of all construction related transaction taxes, except those construction related transaction taxes levied for eductional purposes or for capital improvements for education, and
WHEREAS, the Granting Authority has considered the request of the Company and the completed applications (copy attached) filed with the Granting Authority by the Company, in connection with its request; and
WHEREAS, the Granting Authority has found the information contained in the Company’s application to be sufficient to permit the Granting Authority to make a reasonable cost/benefit analysis of the proposed project and to determine the economic benefits to the community; and
WHEREAS, the construction of the project will involve a capital investment of $3,485,000; and
WHEREAS, the Company is duly qualified to do business in the State of Alabama, and has powers to enter into, and to perform and observe the agreements and covenants on its part contained in the Tax Abatement Agreement; and
WHEREAS, the Granting Authority represents and warrants to the Company that it has power under that constitution and laws of the State of Alabama (including particularly the provisions of the Act) to carry out the provisions of the Tax Abatement Agreement;
NOW THEREFORE BE IT RESOLVED that the Industrial Development Board of the City of Foley, Alabama, as follows:
SECTION 1: Approves the application of Green Health Laboratories, LLC and abatement is hereby granted of all construction related transaction taxes, except those local construction related transact...
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