Title
A Resolution Approving the Development Agreement Between Kolter Development and the City of Foley Cresswind Sandy Creek.
Body
WHEREAS, Developer has obtained the contractual right to acquire certain real property consisting of approximately 720.25 acres, more or less, located in the City of Foley and to be known as the Cresswind Sandy Creek and more fully described in Section 1.04 of this Agreement (“Property”) and thus has an equitable interest therein;
WHEREAS, the City has zoned the Property as a Planned Unit Development (PUD) on December 2, 2024 by Ordinance Number 25-2001-ORD recorded as Instrument Number 2166853 and by Ordinance Number 25-2002-ORD recorded as Instrument Number 2166865, Baldwin County Probate Court records (collectively, the “PUD Approval”);
WHEREAS, Developer and City have determined that it is in the best interests of the City and Developer to enter into this Agreement to set forth the additional terms and conditions of the development of the Property, in addition to those contained in the PUD Approval, in order to achieve a well-coordinated, planned development, reasonably mitigate any project impacts to the community and achieve predictability to the City and the Developer on the scope and terms of the development;
WHEREAS, in connection with the proposed development, Developer and City recognize that the scope and term of the planned development under this Agreement accomplish the statutory aims of comprehensive and orderly planning and development within the City.
NOW, THEREFORE, in consideration of the foregoing and the terms and conditions set forth in this Agreement, the receipt and sufficiency of such consideration being acknowledged by the parties, and pursuant to the Alabama law.
This Resolution shall become effective immediately upon its adoption as required by law.