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SPONSOR: MAYOR ROBERT A. B. REICHERT A RESOLUTION OF THE MACON-BIBB COUNTY COMMISSION APPROVING THE MACON BRIGHT PROGRAM TO BE OPERATED BY THE MACON-BIBB INDUSTRIAL AUTHORITY PROVIDING FOR AN EFFECTIVE “TAX FREEZE” FOR UP TO FIVE (5) YEARS FOR QUALIFIED PROJECTS WHICH WILL ULTIMATELY RESULT IN SIGNIFICANTLY INCREASED TAX VALUES AND REVENUES TO THE COUNTY; PROVISIONS FOR IMPLEMENTATION, PILOTS ON QUALIFIED PROJECTS, REPORTING ON RESULTS, AND FOR OTHER RELATED PURPOSES.

WHEREAS, the Macon-Bibb County Industrial Authority (the “Authority”) was created and charged as part of its mission to undertake commercial and industrial projects which increase the tax base of Macon-Bibb County, Georgia (the “County”); and

WHEREAS, there exist commercial and industrial properties in need of renovation, rehabilitation, revitalization, and capital reinvestment throughout Macon-Bibb County; and

WHEREAS, the Authority has developed and desired to implement a plan (the “Macon Bright Program” or “Program”) to locally incentivize the private sector to renovate, rehabilitate, and/or re-purpose deteriorated or challenged industrial and commercial properties (each a “Project”) within the County and has requested the Bibb County School District, acting by and through the Bibb County Board of Education (the “District”), and the County, acting by and through the Macon-Bibb County Commission (the “Commission”), consent and approve of the implementation of the Macon Bright Program; and

WHEREAS, the District has approved the Macon Bright Program pursuant to a resolution adopted by the Bibb County Board of Education on April 18, 2019; and

WHEREAS, it is contemplated that the Authority intends to implement the Macon Bright Program by having private sector persons, on behalf of a bona-fide company, submit a Project for consideration under the Macon Bright Program by completing an application form and complying with Program requirements (each an “Application”), as summarized in the outline of the Macon Bright Program attached hereto as Exhibit A and incorporated herein by reference (the “Program Requirements”); and

WHEREAS, as a condition of participating in the Macon Bright Program, the Authority will require a complete Application for each Project and will maintain the Application and Project-related records on file; and

WHEREAS, the Authority would operate the Macon Bright Program in its entirety without requiring additional resources of the District or the County, including review of any Application (in coordination with and through information exchanged between the Macon-Bibb County Board of Tax Assessors and the Macon-Bibb County Tax Commissioner) and would make determinations of Project eligibility and viability in accordance with the Program Requirements (each Project accepted by the Authority for participation in the Macon Bright Program being a “Qualified Project”); and

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WHEREAS, each Qualified Project would receive an effective “tax freeze” at the then current assessment levels (the “Incentive”) for renovated, rehabilitated, and/or re-purposed or challenged industrial and commercial property for a period of time not to exceed five (5) years (the “Program Term”), provided that the Qualified Project remains compliant with Program Requirements, which will be periodically reviewed by the Authority for compliance, with appropriate action for any failure to meet Program Requirements; and

WHEREAS, it is contemplated that the Authority may, in the course of implementing the Macon Bright Program, include additional restrictions, requirements, or minor adjustments under the Program Requirements in order to maximize effectiveness, but in any event, will maintain Program Requirements in general conformity with those as set forth in Exhibit A; provided, that, while the Authority may implement any additional restrictions, requirements, or controls it deems necessary to efficiently carry out the Program, any reduction of Program Requirements, increase of the Incentive, or lengthening of the Program Term considered by the Authority shall first be reviewed and consented to by the District and the County prior to being effective or incorporated in the Program; and

WHEREAS, to implement the Incentive to Qualified Projects, (i) the Authority would issue its 2019 “Bright Bonds” to cover up to $25,000,000 of investment, in such specific amounts as required to allow for the acquisition and improvements for each Qualified Project over the following ten (10) years (such bonds to be cashless, non-recourse bonds-for-title, creating no financial liability for the Authority, the District, or the County), (ii) the owner of each Qualified Project (each a “Qualified Company”) would transfer fee simple title to such Qualified Project to the Authority via limited warranty deed, (iii) the Authority and each Qualified Company would enter into a Lease Agreement, whereby the Authority, as lessor, would lease the Qualified Project to the Qualified Company, as lessee (items (i) - (iii) collectively referred to as the “Mini-Closing”); and

WHEREAS, throughout the Program Term, each Qualified Company would be required to pay to the Authority payments in lieu of taxes (the “PILOT Payments”) equal to the amount of ad valorem taxes the property generated the year following the year of Application, but prior to the Mini-Closing, resulting in a “freeze” of the ad valorem taxes during the Program Term; and

WHEREAS, the Authority will remit PILOT Payments to the District and County collected under the Macon Program, less administrative Program costs and charges, and will provide an annual report and account of each Qualified Project and compilation of PILOT Payments, including taxes which are considered “abated” under GASB 77; and

WHEREAS, at the end of the Program Term, or earlier if triggered under the Program Requirements, each Qualified Project will be conveyed back to the Qualified Company, and the Macon-Bibb County Board of Tax Assessors will be notified of the conveyance and the Qualified Project will be returned to the normal 100% assessment; and

WHEREAS, unless consented to and continued by the District and the County by subsequent resolution, the Macon Bright Program will cease accepting new Applications under the authorization of this Resolution (i) upon the aggregated investment of Qualified Projects reaching the maximum

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principle amount allowed under the Bright Bonds, or (ii) December 31, 2024, whichever occurs sooner.

NOW, THEREFORE, BE IT RESOLVED by the Macon-Bibb County Commission and it is hereby so resolved by the authority of the same, that after taking into consideration the request of the Authority and the details of the Macon Bright Program, and in recognition of the benefits to the County and the District thereby in accordance with the recitals above, the Commission does hereby resolve, consent, and agree to the Authority implementing the Macon Bright Program to provide the Incentive to Qualified Companies which submit completed Applications in conformance with the Program Requirements set forth in Exhibit A, as may be supplemented or amended from time to time as set forth hereinabove.

BE IT FURTHER RESOLVED the Macon-Bibb County Commission hereby declares that the foregoing preamble and whereas provisions set forth hereinabove constitute, and shall be considered to be, substantive provisions of this Resolution and are hereby incorporated by reference into this provision.

BE IT FURTHER RESOLVED that in the event scrivener’s errors shall be discovered in this Resolution after the adoption hereof, the Macon-Bibb County Commission hereby authorizes and directs that each such scrivener’s error shall be corrected in all multiple counterparts of this Resolution. BE IT FURTHER RESOLVED the Macon-Bibb County Commission grants the Mayor the authority to take any and all further actions necessary to carry out the intents and purposes of this Resolution. BE IT FURTHER RESOLVED this Resolution shall become effective immediately upon its approval by the Mayor or upon its adoption into law without such approval.

APPROVED AND ADOPTED this _____ day of __________________, 2019.

By: _________________________________________ ROBERT A.B. REICHERT, Mayor Attest: _________________________________________ (SEAL) JANICE S. ROSS, Clerk of Commission

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EXHIBIT A

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CERTIFICATE OF CLERK

The undersigned Clerk of the Macon-Bibb County Commission (the “Commission”) DOES HEREBY CERTIFY that the foregoing pages constitute a true and correct copy of the Resolution adopted by the Commission at an open public meeting duly called and lawfully assembled on the _____ day of ________________, 2019, at which a quorum was present, the original of such Resolution being duly recorded in the Minute Book of the Commission, which Minute Book is in my custody and control. I do hereby further certify that such Resolution was duly adopted by a vote of

Aye: ________ Nay _______ Absent or did not vote_____.

(If not unanimous, those Commissioners votes are recorded as follows:_______________ ________________________________________________________________________ ________________________________________________________________________

WITNESS my hand and the official seal of the Commission this ____ day of _____________, 2019.

____________________________________ Janice Ross, Clerk of Commission

[SEAL]