NOTICE OF PROPOSED ACTION AT PUBLIC MEETING Notice is hereby given that during a regular meeting, which will be open to the public and will be held on October 26, 2015, at 5:30 o'clock, P.M., Central Time, at the City Council Chambers in the Athens Police Department of the City of Athens, Alabama, on Hobbs Street, Athens, Alabama 35611, the City Council for the City of Athens, Alabama (the City) will consider adopting a resolution in connection with an economic development project, described in reasonable detail herein. The economic development project relates to EastSide Junction, LLC (the Company), which intends to develop a Buffalo Wild Wings restaurant on certain real property located on Lots 1 and 2 of East Side Junction as recorded in Plat Book H, at Page 104 in the Probate Office of Limestone County, Alabama (the Project Area). The City believes that the proposed economic development project will create new jobs in the City, will generate additional tax revenues for the City, will increase commerce in the City and will generally promote the economic development of the City. It is anticipated that the Project will result in the creation of at least 50 new jobs, will generate gross sales tax revenues of at least two million dollars per year, and will include improved retail square footage space of approximately 15,000 square feet. The assistance described herein will encourage said economic development and will constitute an economic development project for the City. The City's granting of public funds or things of value as described herein will benefit the Company. The City Council will consider the adoption of a resolution authorizing the City of Athens to enter into a Project Development Agreement with the Company. Through the Project Development Agreement, the City would annually pay the Company in arrears one hundred percent (100%) of the proceeds from the City's sales tax (levied pursuant to Chapter 18, Articles 2 and 9 of the City Code) actually received by the City from each place of business in the Project Area, net of certain costs, for a period of up to five (5) years or until a maximum sum (of either $220,000.00 or $225,000.00) is paid by the City to the Company, whichever is first. The obligation of the City in this regard would be evidenced by the issuance of a warrant. The City's payment obligations would be conditioned upon the operation of the Buffalo Wild Wings restaurant at the Project Area, as described in more particularity in the Project Development Agreement, among other things. The parties benefitting from the payments would be the Company and Let's Eat Out, Inc. THE CITY COUNCIL OF THE CITY OF ATHENS, ALABAMA The News Courier October 18, 2015
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