Title
A RESOLUTION AUTHORIZING THE MIFLIN ROAD CAPITAL IMPROVEMENT PROGRAM
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. Representations of the City
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 has authorized the incorporation, and is a member, of the following cooperative districts (collectively, the “Districts”) under Chapter 99B of Title 11 of the Code of Alabama 1975:
(1) The Public Athletic and Sports Facilities Cooperative District of the City of Foley, Alabama; and
(2) The Public Cultural and Entertainment Facilities Cooperative District of the City of Foley, Alabama.
(b) (1) The Districts have levied certain project user fees (the “Project User Fees”) within the corporate limits of the City and the area described on Exhibit A (the “Project Site”) for the use of public infrastructure of the District therefor (as in existence and improved from time to time, the “Project”) financed and provided by the City.
(2) Pursuant to contractual agreements with the City, the Districts transfer to the City the proceeds of the Project User Fees in consideration for the financing and provision of the Project by the City.
(c) It is necessary, desirable and in the public interest that the City establish a capital improvement program for the acquisition and construction during the fiscal year period 2019-2033 of capital improvements (including without limitation parking lots, lighting and landscaping) to the public infrastructure facilities which benefit and serve public and private establishments and facilities within the Project Site and within the adjoining and surrounding area along Miflin Road in the City and to provide for the payment of the costs of such capital improvements in an aggregate amount not exceeding $1,...
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