Notice is hereby given by Shelby County, Alabama (the "County") that the Shelby County Commission will meet in public session at 8:30 a.m. on October 14, 2024, at the Shelby County Administration Building located at 200 West College Street, Columbiana, Alabama 35051, for the purpose of considering the transaction of business that may properly come before the Commission, such business to include, among other things, consideration of a resolution (the "Authorizing Resolution") approving the execution and delivery of that certain Hotel Development Agreement (the "Hotel Development Agreement"), to be dated its date of execution, among the County, the City of Montevallo (the "City"), and Cobblestone Hotel Development, LLC, a Wisconsin limited liability company (the "Company").
The terms of the Hotel Development Agreement address certain obligations of the County, the City, and the Company regarding the construction, development, and operation of a new hotel to be operated as a Cobblestone Inn and Suites (the "Hotel") to be developed and located on land presently owned by and located in the City (the "Hotel Site").
Under the Hotel Development Agreement, the County will be obligated to make certain payments to the Company aggregating up to $150,000 over a period of up to five years commencing from the opening of the Hotel, such payments to be made solely from portions of the 5.0% lodging tax collected by the County from the operations of the Hotel.
If approved, the Agreement will be executed and delivered pursuant to the Constitution and laws of the State of Alabama, including, without limitation, Section 94.01 of the Constitution of Alabama of 2022 (formerly codified as Amendment No. 772 to the Constitution of Alabama of 1901, as amended).
The County has determined that the development of the Hotel will substantially expand and enhance the prosperity, contentment, and general welfare of the County and its residents by (i) aiding in the elimination and remediation of blight and similar elements resulting from underuse of the Hotel Site; (ii) promoting enhancement and adaptive reuse of a high-visibility area of the County; (iii) bringing substantial commercial activity to an underutilized area including and around the Hotel Site; (iv) helping improve the appearance and vibrancy of underutilized areas of the County; (v) expanding commercial activity within the County; (vi) supporting and expanding industrial and economic development within the County; and (vii) expanding jobs and employment opportunities within the County.
The business entities and individuals to whom or for whose benefit the County proposes to lend its credit or grant public funds or thing of value are the Company.
Further information concerning the information in this notice can be obtained from the County at the offices thereof during normal business hours.