File #: 22-0189    Version: 1 Name: A RESOLUTION AUTHORIZING (i) acceptance of the assets and liabilities of Coastal Alabama Farmers’ and Fishermen’s Market, Inc. upon its dissolution and (ii) the obtaining of an appraisal to determine the value of the real property received from the dissol
Type: Resolution Status: Adopted
File created: 3/30/2022 In control: City Council
On agenda: 4/4/2022 Final action: 4/4/2022
Title: A RESOLUTION AUTHORIZING (i) acceptance of the assets and liabilities of Coastal Alabama Farmers’ and Fishermen’s Market, Inc. upon its dissolution and (ii) the obtaining of an appraisal to determine the value of the real property received from the dissolution in anticipation of a potential sale of such real property.
Attachments: 1. Description of Closing Documents, 2. 1. First Amendment to Certificate of Formation - CAFFM -, 3. 2. First Amendment to Bylaws - CAFFM, 4. 3. Plan of Dissolution and Liquidation - Chase NMTC CAFFM Fund, 5. 4. Statement of Intent to Dissolve - CAFFM, 6. 5. Distribution Agreement - CAFFM, 7. 6. Termination Agreement Tri-Party Landlord Agreement - CAFFM - 3-28-22, 8. 7. Termination Agreement - Prisila Hughes - CAFFM - 3-29-22, 9. 8. Quitclaim Deed - CAFFM to Foley - 3-28-22, 10. 9. Assignment and Assumption of Lease - CAFFM - Moes, 11. 10. Assignment and Assumption of Lease - CAFFM - Loxley - Forland, 12. 11. Articles of Dissolution - CAFFM (1)
Title
A RESOLUTION AUTHORIZING (i) acceptance of the assets and liabilities of Coastal Alabama Farmers’ and Fishermen’s Market, Inc. upon its dissolution and (ii) the obtaining of an appraisal to determine the value of the real property received from the dissolution in anticipation of a potential sale of such real property.


Body

WHEREAS, Coastal Alabama Farmers’ and Fishermen’s Market, Inc. (“CAFFM”) desires to dissolve and to distribute all of its assets to the City of Foley Alabama (the “City”) and in furtherance thereof to amend its Certificate of Formation and Bylaws in order to permit it to distribute its assets to the City upon dissolution;

WHEREAS, the assets to be distributed by CAFFM to the City includes the real property located at 20733 Miflin Rd, Foley, AL 36535 (the “Farmers’ Market”);

WHEREAS, a portion of the Farmers’ Market is currently leased to Moe’s Original Bar-B-Que of Foley, LLC and Loxley Farm Market, Inc., as tenants (the “Moe’s Building”);

WHEREAS, the leased portion of the Farmers’ Market is not needed for public or municipal purposes and the City desires to continue leasing such property as landlord;

WHEREAS, the City is considering a potential sale of the Moe’s Building and desires to obtain an appraisal in order to determine value of the Moe’s Building; and

WHEREAS, it is deemed necessary, desirable and in the best interest of the taxpayers and citizens of the City for the City to enter into the transactions described above, which the City hereby desires to approve.

NOW, THEREFORE, BE IT RESOLVED BY THE city council of the city of foley, alabama (the “Council”), governing body of the city of foley, alabama, as follows:

1. The Council does hereby approve, adopt, authorize, direct, ratify and confirm:

(a) the distribution and transfer of CAFFM’s assets to the City;

(b) the representations, warranties, agreements, and covenants, as applicable, of the City set forth in, and the transactions to be undertaken by the City...

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