Title
A RESOLUTION AUTHORIZING AN
ECONOMIC DEVELOPMENT AGREEMENT
BY THE CITY OF FOLEY, ALABAMA
AND
BLACKWATER REAL ESTATE, LLC
Body
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FOLEY, ALABAMA:
ARTICLE 1
Definitions
For purposes hereof:
Agreement means the Economic Development Agreement by the City, the District, and the Developer attached to this Resolution as Exhibit B.
Amendment No. 772 means Amendment No. 772 to the Constitution of Alabama of 2022 (formerly known as the Constitution of Alabama of 1901, as amended).
Bond Counsel means Maynard Nexsen PC.
City means the City of Foley, Alabama.
Council means the City Council of the City.
Developer means Blackwater Real Estate, LLC.
District means The City of Foley Public Facilities Cooperative District.
Public Notice means the notice attached to this Resolution as Exhibit A.
ARTICLE 2
Representations
The Council, upon evidence duly presented to and considered by it, has found and determined, and does hereby find, determine and declare as follows:
(a) The delivery and performance of the Agreement by the City will provide for the economic growth and development of the City in furtherance of the public interest thereof.
(b) The expenditure of public funds for the purposes specified in the Agreement will serve a valid and sufficient public purpose, notwithstanding any incidental benefit accruing to any private entity or entities.
(c) The City caused the Public Notice to be published on July 26, 2023 in The Onlooker, which newspaper is of circulation in the City.
(d) The aggregate indebtedness of the City (including without limitation the Total City Commitment under the Agreement) which will be outstanding under, and chargeable against the limitation upon indebtedness prescribed by, Amendment No. 772 on the Effective Date of the Agreement will not exceed fifty percent (50%) of the assessed valuation of the taxable property of the City as assessed for state taxation for the tax y...
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