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A RESOLUTION AUTHORIZING THE EXECUTION OF A PROJECT AGREEMENT BY AND BETWEEN THE CITY OF FOLEY, ALABAMA, AND [GLACIER, LLC]
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BE IT RESOLVED by the City Council (the “City Council”) of the City of Foley, Alabama (the “City”), as follows:
Section 1. The City Council, upon evidence duly presented to and considered by it, has found and determined, and does hereby find, determine and declare as follows:
(a) 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 “Agreement”) for the purposes referenced therein.
(b) The City owns a parcel of land consisting of approximately 18.5 acres located along the Foley Beach Express within the City of Foley in Baldwin County, Alabama, as more particularly depicted in Exhibit A to the Agreement (the “Property”).
(c) The City also owns a parcel of land abutting the Property to the west consisting of approximately 4.2 acres which may be made available to the Company under certain additional conditions, as set forth in the Agreement (the “Option Property”).
(d) The Company desires to purchase up to approximately 18.5 net usable acres of the Property for Fifty Thousand Dollars ($50,000) per net usable acre, to be confirmed through final survey and mutually agreed upon, and intends to develop the Property as an approximately 30,000-40,000 square foot facility and related improvements to be used as a medical device manufacturing facility, innovation campus, and the Company’s corporate headquarters (the “Project”).
(e) The Company anticipates that it will invest approximately Twelve Million Three Hundred Fifteen Thousand Dollars ($12,315,000) in the Project and that the Project will create at least thirty-three (33) full-time jobs meet...
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