Page 1 ORDINANCE NO. 2129-24 AN ORDINANCE FINDING AND DECLARING CERTAIN REAL PROPERTY LOCATED IN THE CITY OF PRICHARD IS NOT _-.NEEDED FOR ANY-MUNICIPAL;PURPOSE OR DEVELOPMENT AND AUTHORIZING THE CITY OF PRICHARD TO CONVEY THE SAME TO THE HOUSING AUTHORITY OF THE CITY OF PRICHARD TO USE TO APPLY FOR OBTAINING NEW MARKET TAX CREDITS TO CONSTRUCT A PROPOSED MIXED-USE DEVELOPMENT IN THE CITY OF PRICHARD AROUND 2025 WHEREAS, the City of Prichard, Alabama is vested with the ownership of certain real property located within the City of Prichard, Alabama, the same being described as: “Beginning at the intersection of the South line of Lot 28, Range 1 West, Owens Division of the St. Louis Tract and the West right of way line of St. Stephens Road, run South 35 degrees 35 minutes East along said West Right of way line of St. Stephens Road 470,04 feet to the Northeast corner . of St. Stephens Road Apartments as recorded in Map Book 30, Page 45 of the Probate Court Records, Mobile County, Alabama thence along the Northwest boundary of said St. Stephens Road Apartments, run South 54 Degrees 25 minutes West 126 feet to the point of beginning; thence Continuing along said Northwest boundary of St. Stephens Road Apartments, run South 08 degrees 47 minutes East 94.45 feet to a point; thence continuing along said Northwest boundary of St. Stephens Road Apartments, run South 07 degrees 45 minutes West 140.30 feet to a Point, thence continuing along said Northwest boundary of St. Stephens Road Apartments, run South 25 degrees 58 minutes West 119.50 feet to a point, thence continuing along said Northwest boundary of St. Stephens Road Apartments, run South 32 degrees 41 minutes 30 seconds West 139.40 feet to a point; thence continuing along said Northwest boundary of St. Stephens Road Apartments and in extension thereof, run South 45 Degrees 10 minutes West 293.88 feet to a point; thence parallel with the aforementioned West right of way line of St. Stephens Road, run North 35 Degrees 35 minutes West 342.04 feet to a point, thence run North 54 Degrees 25 minutes West 663.45 feet to the point of beginning.” WHEREAS, the City Council of the City of Prichard, finds and determines that said real property is not currently needed by the City of Prichard for any public or municipal purpose; Page 2 WHEREAS, the Housing Authority of the City of Prichard, Alabama has notified and advised the City of Prichard that it is staging its programs for the possibility of applying for New Market Tax Credits for the funding of various sites in the City of Prichard, one of which, is the above déscribed teal property; * — — ~— WHEREAS, by correspondence dated May 20, 2024, the Housing Authority of the City of Prichard, Alabama advised the City of Prichard that its early analysis shows that the above described land might be ideal for the construction of a mixed-use apartment complex that would help in the population stabilization and income enhancements for the City of Prichard. WHEREAS, the City of Prichard further pointed out that currently, it needs to begin all phases for planning for such a development which must be under the control of the Housing Authority; WHEREAS, the said Housing Authority of the City of Prichard, Alabama further pointed out that it currently needs to begin all phases of planning for such development, which must be under the control of the Housing Authority and that its application must show that detailed planning as been conducted and vetted to help increase the viability of the City’s application for funding; and WHEREAS, the City of Prichard desires to authorize transfer of its interest in the property described herein with the hope that the Housing Authority of the City of Prichard may be successful in obtaining the New Market Tax Credits and develop the property as planned. NOW THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PRICHARD, ALABAMA, AS FOLLOWS: 1. That the City Council of the City of Prichard, Alabama hereby finds and determines that the City of Prichard the above and foregoing described real property is not currently needed by the City of Prichard for any public or municipal purpose. 2. That the Mayor of the City of Prichard is hereby authorized and directed to transfer and convey the City of Prichard’s interest in and to the property which is the subject of this ordinance to the Housing Authority of the City of Prichard, Alabama, to be used by the said Authority or an entity owned or controlled thereby to apply for and obtain New Market Tax Credits to be used for the purpose of constructing a mixed- use apartment complex in thereupon that would help the population stabilization and income enhancements in the City of Prichard, Alabama. Page 3 3. This Ordinance shall become effective immediately upon its adoption as required by law. ZA ADOPTED this the & day of June, 2024. —_ aa SED RGEC Maca, JR, Council resident tk ATTEST this the @ day of June, 2024. he Ayn —— igned Print name