City Of Pelham: Legal Notice

Press release from the City of Pelham:

May 5, 2021

Canopy Project - Amendment 772 Legal Notice for Amendments 4811-3570-5063 3

NOTICE IS HEREBY GIVEN, pursuant to Amendment No. 772 to the Constitution of Alabama of 1901, as amended (recodified as Section 94.01 of the Recompiled Constitution of Alabama of 1901), that the City Council of the City of Pelham (the "Council") will consider a resolution at a public meeting of the Council to be held on May 17, 2021, at 7:00 p.m., local time, at the Pelham Senior Citizens Center, 50 Racquet Club Parkway, Pelham, Alabama 35124, to consider a resolution (the "Resolution") authorizing (1) an Amendment to Special Economic Incentive Agreement to be dated its date of execution (the "Incentive Agreement Amendment") between the City and HCI Oak Mountain, LLC (the "Developer"), amending that certain Special Economic Incentive Agreement dated August 9, 2019, between the City and the Developer (the "Base Incentive Agreement"), and (2) an Amendment to Development Agreement to be dated its date of execution (the "Development Agreement Amendment" and, together with the Incentive Agreement Amendment, the "Amendments") between the City and the Developer, amending that certain Development Agreement dated August 9, 2019, between the City and the Developer (the "Base Development Agreement" and, together with the Base Incentive Agreement, the "Base Agreements").

The Base Agreements were entered in connection with various incentives and obligations of the City respecting Developer's construction of a mixed-use project, containing retail, lodging, multi-family and office components to be developed within the City in an area south of Amphitheater Road across from the Pelham Civic Center and Oak Mountain Amphitheater (the "Project").

The Development Agreement Amendment modifies the Base Development Agreement to (i) reflect an updated development plan that includes modified development components, an additional parcel of real property, an increase in the overall square footage of commercial, retail and office space, (ii) modify and extend certain dates and Project development and related deadlines, (iii) modify certain obligations of the City incident to the construction of an off-site trail and the widening of Amphitheater Road within the City, and (iv) make other changes concerning the Project and City obligations incident thereto.

The Incentive Agreement Amendment modifies the Base Incentive Agreement to (i) align it with the changes in the Base Development Agreement, as modified by the Development Agreement Amendment, and (ii) modify the rights of Developer to assign certain of its rights under the Base Agreements, as modified by the Amendments.

The public benefits to the City to be derived from the covenants and agreements included within the Base Agreements, as amended by the Amendments, include, among other things (i) expanding the tax base of the City by enabling development of the Project, including the retail and other commercial components thereof, (ii) attracting to the site of the Project general commercial and retail activity and development, (iii) facilitating the development of retail and other commercial project in the vicinity of the Project, (iv) enhancing the overall quality of life for the citizens of the City, (v) promoting economic development within the City, and (vi) attracting to the Project site individuals who desire to live, work, and shop in and around the Site.

The covenants and agreements of the City under the Base Agreements, as amended by the Amendments, will benefit the Developer.

This press release was produced by the City of Pelham. The views expressed here are the author’s own.