Meeting Type: BCC Regular Meeting
Meeting Date: 5/20/2025
Item Status: New
From: Roger H. Rendleman, County Administrator
Submitted by: Anu Gary, Administrative Services Manager
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ITEM TITLE
Title
Agreement with Historic Blakeley Authority for Property Improvements at Historic Blakeley State Park
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STAFF RECOMMENDATION
Recommendation
Approve a Loan Agreement between the Historic Blakeley Authority and the Baldwin County Commission in the amount of $3,000,000.00 for the Historic Blakeley Authority to improve the Blakeley State Park property.
The maturity date of the loan shall be the 20th anniversary of the effective date, or such earlier date on which the loan becomes due and payable pursuant to the terms of the Agreement.
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BACKGROUND INFORMATION
Background: On February 18, 2025, the Commission approved loaning funds to the Historic Blakeley Authority to secure financing for an interpretative center at the Historic Blakey Park. Staff have been working with the Historic Blakeley Authority to finalize the loan agreement which is attached. The amount to be loaned is $3M with the annual interest rate of 4.28% for the first year. The interest rate will be adjusted annually to reflect the then-current rate of return on the County’s pool cash account.
The agreement provides overall savings in taxpayer dollars from attorney fees, underwriter fees, bank fees, and better borrowing rates.
Previous Commission action/date: February 18, 2025 - The Commission adopted Resolution #2025-078 authorizing a loan to the Historic Blakeley Authority for the improvement of property that has been listed in the National Register of Historic Places.
FINANCIAL IMPACT
Total cost of recommendation:
Budget line item(s) to be used:
If this is not a budgeted expenditure, does the recommendation create a need for funding? N/A
LEGAL IMPACT
Is legal review necessary for this staff recommendation and related documents?
Yes, County Attorney review/approval required.
Reviewed/approved by: Brad Hicks - May 9, 2025
Additional comments: N/A
ADVERTISING REQUIREMENTS
Is advertising required for this recommendation? N/A
If the proof of publication affidavit is not attached, list the reason: N/A
FOLLOW UP IMPLEMENTATION
For time-sensitive follow up, select deadline date for follow up: N/A
Individual(s) responsible for follow up: Correspondence to Historic Blakeley Authority with a copy of fully executed agreement.
Via Email Only - (director@blakeleypark.com)
Historic Blakeley Authority
ATTN: Mike Bunn, Director
34745 State Highway 225
Spanish Fort, Alabama 36527
cc: Roger Rendleman, Beth Hodges, Tara Hazelbaker, Christie Bezoari, Heather Gwynn
Upload Agreement to contracts portal, set annual review due to interest rate adjustments.
Action required (list contact persons/addresses if documents are to be mailed or emailed): N/A
Additional instructions/notes: N/A