Title
A resolution to approve the sale of the Cactus Cafe/Historic Foley Bakery Building
Summary
Description of Topic: (who, what, where, when, why and how much)
The City has received five offers for the purchase of the Cactus Cafe/Historic Bakery Building from Azalea Fund, Mark White (owner of Moe's BBQ), Katapult Properties and Dyas, LLC.
Budgetary Impact:
Non-Capital Item:
____ Budgeted under account #_______________ (discussion item)
____ Not budgeted, requesting transfer of $__________ from Account #______________ to Account #_____________.
__X__ Not budgeted requiring increase to account #_100-1012-4800 Sale of Land & Equipment__ in the amount of $__$40,000 ($45,000 sales price, less $5,000 estimated cost of sale)__.
Capital - Departmental
____ Budgeted under account #______________ for $___________ and described in budget as __________________________________.
Additional amount needed, if any: Increase in budget of $_____________ OR, transfer of $___________ from Account #____________ to Account #_______________
____ Not Budgeted - account #____________ requires budget increase of $_____________.
Capital Project - **THE PRE-PROJECT CHECKLIST AND BUDGET CHECKLIST MUST BE ATTACHED TO THIS FILE**
In current year Capital Projects Plan:
_____ Yes, planned amount $___________, requesting $_________ as total project estimate, including contingencies, under account #_________________
_____ No, requesting $___________ as total project estimate, including contingencies, under account #____________________
Body
WHEREAS, The City has received five offers for the purchase of the Cactus Cafe/Historic Foley Bakery Building from Azalea Fund, Mark White (owner of Moe's BBQ), Katapult Properties, Dyas, LLC and Michael Gunnels.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Approves the sale of the Cactus Cafe/Historic Foley Bakery Building to Azalea Fund in the amount of $45,000, contingent upon removal of the request of a five (5) year lease guarantee and receipt of a non-refundable deposit.
SECTION 2: If the contingencies are met, authorizes staff to negotiate details relevant to a mutually acceptable purchase agreement and closing documents to present to the Mayor for signature.
SECTION 3: Appropriates $40,000 ($45,000 sales price, less $5,000 estimated cost of sale), to account 100-1012-4800 sales of land & equipment.
SECTION 4: This Resolution shall become effective immediately upon its adoption as required by law.