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AN ORDINANCE AUTHORIZING (A) THE SALE AND CONVEYANCE OF CERTAIN REAL PROPERTY NO LONGER NEEDED FOR MUNICIPAL PURPOSES AND (B) THE GRANT OF AN OPTION TO PURCHASE CERTAIN REAL PROPERTY, EACH TO USS INNOVATIONS, LLC
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WHEREAS, the City of Foley (the “City”) owns certain real property located in the City and consisting of approximately 18.5 acres, to be confirmed through final survey, and located in Foley, Baldwin County, Alabama (the “Property”), which is generally described and depicted on Appendix 1 attached hereto; and
WHEREAS, the City has determined that the Property is no longer needed for municipal purposes; and
WHEREAS, pursuant to the applicable laws of the State of Alabama, including Amendment No. 772 of the Constitution of Alabama of 1901, as amended (“Amendment 772”), the City and [Glacier, LLC, an Alabama limited liability company] (the “Company”), have agreed to the terms of that certain Project Agreement to be dated as of its date of execution (the “Project Agreement”) for the purposes referenced therein; and
WHEREAS, USS Innovations, LLC, as the purchasing affiliate of [Glacier, LLC] under the Project Agreement (the “Company”) has expressed a desire to purchase the Property from the City for Fifty Thousand Dollars ($50,000) per net usable acre, not including easements, to be confirmed through a final survey and to be mutually agreed upon by the City and the Company and to develop the Property as an approximately 30,000-40,000 square foot building and related buildings and improvements to be used as a medical device manufacturing facility, Innovation Campus, and to house the Company’s Corporate Headquarters (the “Project”); and
WHEREAS, the City desires to authorize the Mayor to execute and deliver, on behalf of the City, a Purchase and Sale Agreement with the Company, substantially in the form attached as Appendix 2 (the “Purchase and Sale Agreement”), together with such other instruments as may be reasonably necessary or desirable t...
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