The City Council of the City of Rainbow City, Alabama, met in a special called meeting at City Hall at 8:00 a.m., and upon roll call by the City Clerk, Barbara T. Wester, the following members answered present: Mayor: Terry John Calhoun; Council members: Anita Bedwell, Bobby McCartney, Larry Keenum and Rick Hill. Tim Ramsey, absent. The same constituting a quorum of the City Council, the following business was transacted. The meeting was called to order by Mayor Calhoun.

 

  1. Mayor Calhoun stated the meeting was called for one reason, to consider transferring the Economic Development Agreement with Paradise Ventures (PV-Rainbow City, LLC) to Inland Rainbow City, LLC. He then asked the City Attorney to give details on this matter. Jim Turnbach stated he received a letter September 10, 2014, from an attorney in Chicago who is representing Paradise Ventures. (PV-Rainbow City, LLC). Their main focus is to have the Economic Development Agreement with Rainbow City applicable to the new group of property owners, and to get the paperwork in place.

Mayor Calhoun asked Jim to get paperwork together and work with the people to get the new EDA ready. Jim stated no figures will change, just the name of the company. Jim then stated three (3) new resolutions need to be put in place. He then said that the new company asked the council to have this meeting, because they want the agreement in place as soon as possible. The three (3) resolutions are as follows:

 

  1. The first resolution is to authorize Mayor Terry John Calhoun to execute the Economic Development Agreement between the City of Rainbow City and Inland Rainbow City, LLC. The Economic Development Agreement is conditioned upon Inland Rainbow City, LLC closing on the purchase of the property on which the proposed project will be built on or before December 15, 2014, failing which the Economic Development Agreement may be terminated by the City.   Bobby McCartney made a motion to approve this resolution. Anita Bedwell seconded the motion. Mayor Calhoun asked for a roll call vote as follows: Mayor Calhoun, yes; Anita Bedwell, yes, Bobby McCartney, yes; Larry Keenum, yes, and Rick Hill, yes. Mayor Calhoun declared the motion carried.

 

  1. The second resolution is to authorize Mayor Terry John Calhoun to execute the September 22, 2014 letter from Charles A. Ernst, Jr., Operating Manager of PV-Rainbow City, LLC, acknowledging the termination of the Economic Development Agreement dated August 26, 2013, between the City of Rainbow City and PV-Rainbow City, LLC, upon execution of the Economic Development Agreement between the City of Rainbow City and Inland Rainbow City, LLC.  Rick Hill made a motion to approve this resolution. Larry Keenum seconded the motion. Mayor Calhoun asked for a roll call vote as follows: Mayor Calhoun, yes; Anita Bedwell, yes; Bobby McCartney, yes; Larry Keenum, yes; and Rick Hill, yes. Mayor Calhoun declared the motion carried.

 

  1. The last resolution is to terminate the Economic Development Agreement dated August 26, 2013, between the City of Rainbow City and PV-Rainbow City, LLC.   Larry Keener made a motion to approve this resolution. Anita Bedwell seconded the motion. Mayor Calhoun asked for a roll call vote as follows: Mayor Calhoun, yes; Anita Bedwell, yes; Bobby McCartney, yes, Larry Keenum, yes, and Rick Hill, yes. Mayor Calhoun declared the motion carried.

 

There being no further business to come before the Council, Rick Hill made a motion to adjourn.

 

Time Adjourned: 8:15 a.m.

 

                                                                        ____________________________________

                                                                           Barbara T. Wester, City Clerk/Treasurer

 

 

                                                                        ____________________________________

                                                                                    Terry John Calhoun, Mayor

City Hall

3700 Rainbow Drive
Rainbow City, AL 35906

+1 (256) 442 2511