Special Called Meeting

The City of Alexander City, Alabama, City Council will have a Special Called Meeting on Tuesday, June 1, 2021, at 5:00 PM to discuss and vote on a proposed resolution concerning a Project Agreement with Alex City Development, LLC. The Council will also hold a public hearing to hear public comments concerning the possibility of incentives for Alex City Development, LLC. Anyone who wishes to speak to the Council must sign in and mark if they are for or against said subject. The meeting will be held in the Council Chambers of the Municipal Complex.

NOTICE IS HEREBY GIVEN, pursuant to Amendment No. 739 to the Constitution of Alabama of 1901, as amended, that the Mayor and City Council (the "Council") of the City of Alexander City (the "City") will consider a resolution (the "Resolution") at a public meeting of the Council to be held on June 1, 2021, at 5:00 p.m., local  time, in the Council Chambers of the Municipal Complex, 281 James D. Nabors Drive, Alexander City, Alabama 35010, authorizing a Project Agreement (the "Project Agreement") between the City and Alex City Development, LLC (the "Developers"), under and pursuant to which the City will agree to remit and pay up to (i) $7,500,000.00, plus (ii) five percent per annum thereon on a 10-year amortization to cover the cost of site work, drainage, utility (including sanitary sewer), and various other infrastructure improvements, necessary for development of a commercial project on approximately 30.00 acres along a major business corridor in the City (the "Project Site") consisting of, among other things, retail stores and restaurants (the "Project"). The payment obligation of the Developers under the Agreement will be made out of a portion of sales and use taxes collected by the City from the Project.

The public benefits to the City to be derived from the covenants and agreements included within the Project Agreement include, among other things (i) expanding the tax base of the City by enabling development of the Project, including the commercial and retail components thereof, (ii) attracting to the Project Site commercial and retail activity and developments, (iii) facilitating the development of other commercial developments and activity in the City, (iv) promoting tourism and economic development within the City, and (v) providing employment opportunities.

The covenants and agreements of the City under the Agreement will benefit the Alex City Development, LLC and its affiliates, RE Venture Investments, LLC, and JWA Ventures II, LLC.

If you or someone attending have a disability which may require special services, materials or assistance or need further information, please contact Kristin Joiner, Assistant City Clerk, at (256) 329-6713.