Title
Approving the Issuance of a Revenue Bond by the City of Foley Redevelopment Authority, Inc. for the Benefit of Goodwill Industries of the Gulf Coast, Inc.
Body
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FOLEY, ALABAMA:
Section 1. Findings and Determinations
The City Council of the City of Foley, Alabama (the “Council”), upon evidence duly presented and considered, has found and determined, and does hereby find, determine and declare, as matters of fact upon which this Resolution is adopted that:
(a) Pursuant to the authority and provisions of Chapter 54A of Title 11 of the Code of Alabama 1975 (the “Enabling Act”), The City of Foley Redevelopment Authority (the "Authority") proposes to issue its $7,500,000 maximum principal amount Special Revenue Bond (Goodwill Industries of the Gulf Coast Inc. Project) (the “Bond”) to finance the costs of certain facilities located at 200 E. Azalea Avenue (the "Project") in the City of Foley, Alabama (the “City”).
(b) Goodwill Industries of the Gulf Coast, Inc., an Alabama nonprofit corporation (the “Borrower”), will lease the Project from the Authority and operate the Project, in furtherance of its corporate and nonprofit purposes, as a facility for a retail store, bargain store, community resource center and warehouse.
(c) The Project is located wholly within the corporate limits of the City and wholly within the “development area” defined by the Authority and approved by resolution of the governing body of the City, as provided in the Enabling Law.
(d) The Project constitutes a “project” pursuant to Section 11-54A-2(13) of the Enabling Law and will further the public purposes of the Enabling Law.
(e) The Bond shall not constitute an indebtedness or obligation of the State of Alabama or of any county, municipal corporation or political subdivision thereof, and the Bond shall be payable solely from the amounts owed by the Borrower pursuant to the terms and conditions of that certain Financing...
Click here for full text