Title
A RESOLUTION AUTHORIZING A SPECIAL
ECONOMIC DEVELOPMENT GRANT AGREEMENT
BY THE CITY OF FOLEY, ALABAMA
AND
FOLEY SQUARE, LLC (Phase II)
Body
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FOLEY, ALABAMA (THE “COUNCIL”), AS GOVERNING BODY OF THE CITY OF FOLEY, ALABAMA (the “City”), as follows:
Section 1. The Council, upon evidence duly presented to and considered by it, has found and determined, and does hereby find, determine and declare as follows:
(a) The City and Foley Square, LLC (the “Owner”) have prepared that certain Special Economic Development Grant Agreement to be dated the date of delivery (the “Special Economic Development Grant Agreement”), as set forth in Exhibit A hereto, for the purposes referenced therein.
(b) The City has the power and authority under Amendment No. 772 of the Constitution of Alabama of 1901, as amended (“Amendment No. 772”) to authorize, deliver and perform the Special Economic Development Grant Agreement.
(c) The expenditure of public funds for the purposes specified in the Special Economic Development Grant Agreement will serve a valid and sufficient public purpose, notwithstanding any incidental benefit accruing to any private entity or entities.
(d) (1) On September 7, 2016, the City caused to be published in The Onlooker, which newspaper has the largest circulation in the City, the notice required by Amendment No. 772, a true and correct copy of which notice is attached to this Resolution as Exhibit B.
(2) The information set forth in said notice is true and correct.
(3) Publication of said notice is hereby ratified and confirmed. 03776072.1
Section 2. The Council does hereby approve, adopt, authorize, direct, ratify and confirm:
(a) the agreements, covenants, and undertakings of the City set forth in the Special Economic Development Grant Agreement, and
(b) the terms and provisions of the Special Economic Development Grant Agreement, in substantially the form and of substantially the cont...
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