Title
A Resolution Approving The First Amendment Of Special Economic Development Grant Agreement By The City of Foley, Alabama and McKenzie Village, LLC.
Body
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FOLEY, ALABAMA (the “City”), that the City, having reviewed that certain First Amendment of Special Economic Development Agreement, to be dated the date of delivery (the “Amendment Agreement”), proposed to be delivered by the City and McKenzie Village, LLC (the “Owner”) in amendment of that certain Special Economic Development Agreement dated May 26, 2014 (the “Original Agreement”) by the City and the Owner, and having found and determined that no default has occurred and is continuing under the Original Agreement and that delivery of the Amendment Agreement to extend the Expected City Return Period under the Original Agreement to November 26, 2020 is in the best interests of the taxpayers and citizens of the City, does hereby (a) approve, authorize and confirm the Amendment Agreement substantially as attached as Exhibit A hereto, with such changes (by addition or deletion) thereto as shall not increase or extend any pecuniary liability of the City thereunder and as the officers of the City shall conclusively approve by execution thereof; (b) authorize and direct the Mayor and City Clerk of the City to execute, attest and deliver the Amendment Agreement under the seal and on behalf of the City, and to take such action, and execute and deliver such other certificates and documents, all at such times and in such form and manner as shall be necessary or required by law to effect the purposes of this Resolution and the Amendment Agreement; and (c) repeal the provisions of all resolutions, orders, and ordinances of the City to the extent any thereof are in conflict or inconsistent with the terms and purposes of this Resolution.