Title
Consider Cooperative District's recommendations regarding funding Farmers and Fishermens Market
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
During the City of Foley's Public Facilities District meeting the District members discussed various ways to cover the shortfall for the Farmers and Fishermens Market project.
There are several options for covering the shortfall of the project and they are as follows:
1) The City could cover the shortfall from the General Fund; or
2) The City could cover the shortfall from the General Fund and try to get reimbursements from various revenue streams that the Cooperative District creates at the Farmers Market; or
3)The Cooperative District requests the City consider being the guarantor on the United Bank revolving line of credit in the amount of $400,000.
The District members made a recommendation to approve the use of United Bank's line of credit in the amount of $400,000 with a 3% fixed interest as presented contingent on the City Council's approval to be the guarantor.
SOURCE OF FUNDING:
Please provide the amount requested: $400,000
Is this a budgeted item? 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 Alabama Coastal Farmers and Fishermans Market Project financing was discussed during the City of Foley Public Facilities Cooperative District meeting on August 12, 2013 and it was determined that the City of Foley received grant funds for a portion of the cost of the project, and
WHEREAS, the total cost of the project is projected to be $850,000, with the following grant available grants:
BP Deepwater Horizon Claims Administration $317,500 ...
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