Title
A RESOLUTION AUTHORIZING A TAX ABATEMENT AGREEMENT BY THE CITY OF FOLEY, ALABAMA AND FOLEY HOLDINGS LLC, AND RELATED DOCUMENTS, PURSUANT TO CHAPTER 9B OF TITLE 40 OF THE CODE OF ALABAMA 1975
Body
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FOLEY, ALABAMA (THE "COUNCIL"), AS THE GOVERNING BODY OF THE CITY OF FOLEY, ALABAMA ("CITY"), as follows:
ARTICLE 1
Definitions and Representations
Section 1.01 Definitions of Capitalized Terms
As used herein the following terms shall have the following meanings:
Agreement shall mean that certain Tax Abatement Agreement dated the date of delivery, together with all Attachments and Exhibits thereto, by the City and the Company, as at any time amended, restated or supplemented.
Application shall mean the application for the abatement of certain taxes by the Company pursuant to Section 40-9B-6(a) of the Enabling Law.
Bond Counsel shall mean Maynard, Cooper & Gale, PC.
City shall mean the City of Foley, Alabama.
Company shall mean Foley Holdings LLC and its successors and assigns.
Enabling Law shall mean Chapter 9B of Title 40 of the Code of Alabama 1975.
Transaction Documents shall have the meaning assigned in Section 2.01.
Section 1.02 Representations of the City.
The City has found and determined and does hereby find, determine and declare as follows:
(a) The City has the authority to deliver the Agreement pursuant to the Enabling Law.
(b) (1) The City has received the Application from the Company.
(2) The Application contains information that permits the City to make a reasonable cost/benefit analysis as to the proposed Project described therein and to determine the economic benefits to the community.
(c) The Application and the Agreement provide for the abatements of the following taxes for the periods provided therein and as prescribed by the Enabling Law:
(1) all state and local noneducational property taxes;
(2) all construction-related transaction taxes, except those local construction-related tr...
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