Meeting Type: BCC Regular Meeting
Meeting Date: 2/18/2025
Item Status: New
From: Roger H. Rendleman, County Administrator
Submitted by: Anu Gary, Administrative Services Manager
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ITEM TITLE
Title
Resolution #2025-078 - Loan to Historic Blakeley Authority
End
STAFF RECOMMENDATION
Recommendation
Adopt Resolution #2025-078 which authorizes a loan to the Historic Blakeley Authority for the improvement of property that has been listed in the National Register of Historic Places.
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BACKGROUND INFORMATION
Background: Blakeley Park is looking to secure financing for an Interpretive Center in the approximate amount of $3 Million over a 20-year period. Ala. Code Section 41-10-146 allows the Baldwin County Commission to lend money to the Park. The annual debt service payment of approximately $213,000 would be covered by Blakeley Park’s share of the local lease tax which is collected by the County. The Park receives approximately $570,000 a year in local lease tax. The County could charge 4.6% interest, which is what the County currently receives on deposits.
Based on the above numbers, the County would loan Blakeley $2,775,000 at 4.6% over 20 years with an annual debt service of $213,000 with no lending fees, closing costs or underwriter involved. The County will be able to control the repayment by deducting monthly from Blakeley’s share of the local lease tax.
There would be overall savings in taxpayer dollars from attorney fees, underwriter fees, bank fees, and a better borrowing rate and time.
The attached resolution contains the basic terms from which a formal agreement would be created. These parameters would be used to include specific terms to protect the County’s interests and ensure the County collects the monthly payments from the Authority’s share of the lease tax.
Previous Commission action/date: N/A
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, County Attorney review/approval required.
Reviewed/approved by: Brad Hicks 02/05/2025
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 resolution.
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
Formal Agreement forthcoming to Commission for approval if resolution is approved.
Action required (list contact persons/addresses if documents are to be mailed or emailed): N/A
Additional instructions/notes: N/A