Title
Approve Centennial Bank Financing Agreement
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
We need to approve Centennial Bank's Financing Agreement for Hobby Lobby and Big Lots because the developer will be starting construction by the end of this month.
SOURCE OF FUNDING:
Please provide the amount requested: ____________
Is this a budgeted item? Yes /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, Burton Property Group LLC (Burton) and the City of Foley, Alabama have agreed to an economic development project whereby the City of Foley will provide $1.2 million for infrastructure, roadways, turn lanes, lighting, and sewer, and
WHEREAS, Centennial Bank will provide a $1.2 million unsecured, non-revoloving line of credit/term loan at a fixed interest rate of 3.60% for 84 months maturing from the date of closing, and
WHEREAS, the funds will be used to pay Burton for a portion of the costs related to the McKenzie Village Public Infrastructure.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Authorizes the Mayor to execute Centennial Bank's Commitment under their terms and conditions as listed in the attached Committment letter dated February 12, 2014, which will become part of this resolution upon its adoption.
SECTION 2: This Resolution shall become effective immediately upon its adoption as required by law.