Title
A RESOLUTION AUTHORIZING AN ECONOMIC DEVELOPMENT AGREEMENT BY THE CITY OF FOLEY, ALABAMA AND SCP/BPG MAGNOLIA HOLDINGS, LLC
Body
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FOLEY, ALABAMA:
ARTICLE 1
Definitions
For purposes hereof:
Agreement means the Economic Development Agreement by the City and the Beneficiary attached to this Resolution as Exhibit B.
Amendment No. 772 means Section 94.01 of the Constitution of Alabama of 2022 (formerly known as Amendment No. 772 to the Constitution of Alabama of 1901, as amended).
Beneficiary means SCP/BPG Magnolia Holdings, LLC .
Bond Counsel means Maynard Nexsen PC.
City means the City of Foley, Alabama.
Council means the City Council of the City.
Development shall have the meaning assigned in the Agreement.
Public Notice means the notice attached to this Resolution as Exhibit A.
ARTICLE 2
Representations
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 delivery and performance of the Agreement by the City will provide for the economic growth and development of the City in furtherance of the public interest thereof.
(b) The expenditure of public funds for the purposes specified in the Agreement will serve a valid and sufficient public purpose, notwithstanding any incidental benefit accruing to any private entity or entities.
(c) The City caused the Public Notice to be published on March 20, 2024 in The Onlooker, which newspaper is of circulation in the City.
(d) The aggregate indebtedness of the City (including without limitation the Total City Commitment under the Agreement) which will be outstanding under, and chargeable against the limitation upon indebtedness prescribed by, Amendment No. 772 on the Effective Date of the Agreement will not exceed fifty percent (50%) of the assessed valuation of the taxable property of the City as a...
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