Meeting Type: BCC Regular Meeting
Meeting Date: 8/6/2024
Item Status: Addendum
From: Roger H. Rendleman, County Administrator
Submitted by: Anu Gary, Administrative Services Manager
______________________________________________________________________
ITEM TITLE
Title
Resolution #2024-151- Supplemental Resolution for General Obligation Economic Development Warrants, Series 2024 - Tax Increment Financing (TIF) District 1
End
STAFF RECOMMENDATION
Recommendation
Related to the Tax Increment Financing District (TIF D1) in Baldwin County, Alabama, adopt Resolution #2024-151, a supplemental resolution to that certain Resolution and Order adopted June 18, 2024, authorizing the issuance of up to $37,500,000 principal amount of General Obligation Economic Development Warrants, Series 2024.
BACKGROUND INFORMATION
Background: The issuance of the General Obligation Tax Increment Warrants, Series 2024, will allow the County to provide financing for various capital improvements, including acquisition of right-of-way property, construction of new roads and related drainage and bridges, improvement of existing roads and installation of infrastructure facilities for economic development, related to the TIF District 1 in Baldwin County.
The improvements will promote the economic, commercial and industrial development of the County by providing infrastructure improvements to benefit County citizens and businesses, enhancing the County by attracting additional businesses and residents to locate within the County, and creating economic growth and increased tax revenues in the County, and will thereby serve a valid and sufficient public purpose notwithstanding any benefit to Novelis Corporation or any other private business or person.
Previous Commission action/date:
June 18, 2024, BCC Regular Meeting: The Commission adopted Resolution #2024-122 which authorized the issuance by the County of its General Obligation Economic Development Warrants, Series 2024, in an amount not to exceed $37,500,000, for the Tax Increment Financing District (TIF D1) in Baldwin County.
April 16, 2024 BCC Regular Meeting - The Commission adopted 1) Resolution #2024-095 creating a Tax Increment Financing District in Baldwin County, Alabama, effective May 1, 2024, for a duration of 35 years, and approved the Project Plan for the Tax Increment Financing District 1 (“TIF D1”); and 2) Resolution #2024-097 which authorized the preparation and distribution of an offering statement in compliance with Rule 15c2-12, and authorized the Chairman to declare the County’s official intent to make expenditures that are expected to be reimbursed from Warrant proceeds.
March 19, 2024, BCC Regular Meeting - Commission action postponed until later date.
March 5, 2024, BCC Regular Meeting - The Commission approved the law firm of Hand Arendall Harrison Sale, LLC to represent the County as its bond counsel in connection with the proposed issuance of bonds or warrants for the Tax Increment Financing (TIF) District.
February 20, 2024, BCC Special Meeting - Related to the proposed creation of a Tax Increment Financing (TIF) District in Baldwin County, Alabama, tentatively titled Tax Increment Financing District 1 (“TIF D1”), a special meeting was called for the Baldwin County Commission and the representatives of the deferred tax recipients for the proposed Tax Increment Financing District to discuss the following: 1) The boundaries of the tax increment district, development within such district, the exclusion of particular parcels of property from such district, and tax collection for such district; and 2) Any other matters relevant to the proposed tax increment district.
January 16, 2024, BCC Regular Meeting - The Commission conducted a public hearing regarding the proposed creation of a tax increment financing district (“TIF District”), tentatively titled Tax Increment Financing District 1 (“TIF D1”), within the jurisdictional boundaries of Baldwin County pursuant to Ala. Code §§ 11-99-1 et seq.
December 19, 2023, BCC Regular Meeting - The Commission adopted Resolution #2024-057 calling for a public hearing proposing the creation of a Tax Increment Financing (TIF) District in Baldwin County, authorizing the preparation of a project plan, authorizing the Chairman of the County Commission to perform certain actions required by Alabama law, and directing the publication of the resolution as required by Alabama law.
FINANCIAL IMPACT
Total cost of recommendation: N/A
Budget line item(s) to be used: N/A
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.
Reviewed/approved by: Approved by Preston Bolt, Hand Arendall 08/05/2024 akg
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: Administration - Email fully executed resolution to:
Preston Bolt, Jr. PBolt@handfirm.com
Cc:
Reid Cavnar cavnarr@stifel.com
Millie Hartzog mhartzog@handfirm.com
Richard Calhoun RCalhoun@handfirm.com
Roger Rendleman, County Administrator
Beth Hodges, Budget Director
Frank Lundy, County Engineer
Aislinn Stone, Finance
Christie Bezoari, Finance
Dana Austin, Finance
Action required (list contact persons/addresses if documents are to be mailed or emailed): N/A
Additional instructions/notes: Administration - upload Resolution to BCAP