Title
A Resolution Approving a Ground Lease Between the City of Foley and Baldwin County Board of Education
Summary
Description of Topic: (who, what, where, when, why and how much)
The City would like to enter into a ground lease with the Baldwin County Board of Education for property located at the North West Corner of Pine Street and US Hwy 98 for $1.00 per year. The City will maintain and make certain improvements to the property. The ground lease will be for a term of thirty (30) years with two (2) renewal options of twenty (20) years each.
Budgetary Impact:
Non-Capital Item:
____ Budgeted under account #_______________ (discussion item)
____ Not budgeted, requesting transfer of $__________ from Account #______________ to Account #_____________.
____ Not budgeted requiring increase to account #___________ in the amount of $____________.
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 would like to enter into a ground lease with the Baldwin County Board of Education for property located at the North West Corner of Pine Street and US Hwy 98 for $1.00 per year, and
WHEREAS, the City will maintain and make certain improvements to the property, and
WHEREAS, the ground lease will be for a term of thirty (30) years with two (2) renewal options of twenty (20) years each.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Approves entering into a Ground Lease Agreement for thirty (30) years with the Baldwin County Board of Education for a nominal fee of $1 per year in exchange for maintenance and certain improvements for Tax Map Parcel No. 05-54-09-29-1-000-199.000: PIN # 13728 located at the North West corner of Pine Street and US Hwy 98 in Foley, AL. 36535.
SECTION 2: This Resolution shall become effective immediately upon its adoption as required by law.