Details for Notice

Updated

LG819 LEGAL NOTICE 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 Mayor and City Council of the City of Auburn (the "Council") will consider an ordinance (the "Ordinance") at a public meeting of the Council to be held on July 7, 2020, at 7:00 p.m. Central Time. The purpose of the Ordinance is to consider approving several agreements, each entitled Economic Development Commercial Loan Interest Subsidy Agreement between the City and AuburnBank (the "Agreement"), under which the City will agree to make payments totaling up to $3,000 to the said lender, to provide a subsidy from the City to offset a portion of interest payable to the said lender on a loan to the borrower therein named to cover operating expenses of said borrower. The public benefits to the City to be derived from the covenants and agreements included within the Agreement include (i) protecting, maintaining and securing tax revenues for the City's General Fund; (ii) promoting economic and commercial development of the City, (iii) maintaining jobs; (iv) stimulating the local economy; (v) promoting the location, expansion and retention of commercial and industrial enterprises and activity in the City, and (vi) improving the overall quality of life for citizens in the City. The covenants and agreements of the City under the Agreement will benefit AuburnBank and CIL, LLC, which is owned by Stacy Jackson and Christopher Jackson.

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