Title
Extension of Special Economic Development Grant Agreement between the City and COROC/Riviera, LLC
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
Extension of the Special Economic Development Grant Agreement between the City and COROC/Riviera, LLC, allowing the Agreement to continue in full force and effect until November 10, 2015.
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, the City of Foley entered into a Special Economic Development Grant agreement with COROC/Riviera, LLC on September 16, 2011 with reference to the Tanger Outlet Center, and
WHEREAS, Article 3 of the Agreement allows for extensions of this Agreement in two-year increments until November 10, 2017 and,
WHEREAS, COROC/Riviera, LLC has respectfully requested that the Agreement be extended from the current expiration date of November 10, 2013 to November 10, 2015, and
WHEREAS, the continuation of this agreement will be beneficial to both the City and the Tanger Outlet Center,
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Pursuant to Article 3 (b) (i) of the Agreement between the City of Foley and COROC/Riviera, LLC executed on September 16, 2011, the City agrees to extend the Agreement to November 10, 2015.
SECTION 2: This Resolution shall become effective immediately upon its adoption as required by law.