Title
A resolution authorizing the Mayor to negotiate hotel pad consent agreements with the lenders.
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
A resolution authorizing the Mayor to negotiate hotel pad consent agreements with the lenders.
Body
WHEREAS, the Master Development Agreement allows the option for the City to purchase or assign the two hotel pads, and
WHEREAS, the developer has granted the City this option, and
WHEREAS, the lenders need to give their final consent to either accept or deny the option on Hotel Site B.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Grants the Mayor the authorization to negotiate, execute and deliver the lenders' consents in conjunction with the options provided in the Master Development Agreement and to authorize any necessary changes to reflect the option on Hotel Site B being revised to nine (9) months.
SECTION 2: This Resolution shall become effective immediately upon its adoption as required by law.