ORDINANCE NO. 112-14 (5/9/14)

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ORDINANCE NO.  112-14

AN ORDINANCE APPROVING FIRST AMENDMENT TO PROJECT DEVELOPMENT AGREEMENT BETWEEN THE CITY OF

OPELIKA, ALABAMA AND PC OPELIKA, LLC

BE IT ORDAINED by the City Council of the City of Opelika (the “Council”), as the governing body of the City of Opelika, Alabama (the “City”) as follows:

Section 1. The City Council, upon evidence duly presented to it and considered by it, has found and determined and does hereby find, determine and declare as follows:

(a)  The City and PC Opelika, LLC (the “Developer”) heretofore entered into a Project Development Agreement dated as of September 15, 2010 (herein called the “Development Agreement”) pursuant to which the Developer agreed to acquire and renovate the buildings located at 2600 Pepperell Parkway on the site of the former Lowe’s building (the “Project”).

(b)  The City and the Developer have agreed to amend the Development Agreement to extend the term of the Development Agreement for an additional period, which will end no later than April 1, 2025.

(c)  A proposed First Amendment to the Project Development Agreement (hereinafter the “First Amendment”) to be entered into between the City and the Developer has been prepared and submitted to the City Council for approval and the City Council has determined that it is now in the best interest of the City and its citizens to approve said First Amendment.

(d)  To the extent not specifically amended by the First Amendment, the Project Development Agreement will remain in full force and effect.

Section 2.  The proposed First Amendment to Project Development Agreement to be entered into between the City and the Developer, a copy of which is attached hereto as Exhibit “A”, is hereby approved, authorized, ratified and confirmed in the form substantially submitted to the City Council with such changes thereto (by addition or deletion), as the Mayor shall approve, which approval shall be conclusively evidenced by the execution and delivery of said First Amendment..

Section 3.    The Mayor is hereby authorized and directed to execute and deliver the First Amendment to Project Development Agreement for and on behalf and in the name of the City.  The Clerk is hereby authorized and directed to affix the official seal of the City to the First Amendment and to attest the same.

Section 4.  All prior actions taken, and agreements, documents or notices executed and delivered, by the Mayor or any officer or member of the City Council or other representative of the City, in connection with the Project Development Agreement are hereby approved, and the terms and provisions thereof, as amended, are hereby approved, ratified and confirmed.

Section 5.  All ordinances, resolutions, orders or parts thereof, of the City Council in conflict, or inconsistent with any provision of this ordinance, to the extent of such conflict or inconsistency, are repealed.

Section 6.  This ordinance shall take effect upon adoption and publication as required by law.

ADOPTED AND APPROVED by the City Council of the City of Opelika, Alabama, on this the 6th day of May, 2014.

/s/ C. E. “Eddie” Smith, Jr

PRESIDENT OF THE CITY COUNCIL OF THE

CITY OF OPELIKA, ALABAMA

ATTEST:

/s/ R. G. Shuman

CITY CLERK

TRANSMITTED TO MAYOR on this the 7th day of May, 2014.

/s/ R. G. Shuman

CITY CLERK

ACTION BY MAYOR

APPROVED this the 7th day of May, 2014.

/s/ Gary Fuller

MAYOR

ATTEST:

/s/ R. G. Shuman

CITY CLERK

Legal run 5/9/14

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