A RESOLUTION OF THE COUNTY COMMISSIONER OF BARTOW COUNTY FOR THE PURPOSE OF CREATING THE HIGHWAY 411 CORRIDOR REDEVELOPMENT AREA AND TAX ALLOCATION DISTRICT NUMBER 3: BARTOW COUNTY HIGHWAY 411 CORRIDOR; TO DESIGNATE THE BOUNDARIES OF THE REDEVELOPMENT AREA; TO ESTABLISH THE TAX INCREMENTBASE. AND. ADOPT AJ REDEVELOPMENTPLANFORTHE AREA; TO CREATE A TAX ALLOCATION DISTRICT WITHIN THE REDEVELOPMENT AREA AND TO DEFINE THE BOUNDARIES THEREOF; TO ESTABLISH THE INTENT TO ISSUE AND SELL TAX ALLOCATION DISTRICT BONDS AND SUCH REDEVELOPMENT BONDS ASNECESSARYTO EFFECTUATE THE REDEVELOPMENT OF THE REDEVELOPMENT AREA; TO AUTHORIZE THE PLEDGE OF THE COUNTY'S POSITIVE TAX INCREMENT FROM THE TAX ALLOCATION DISTRICT TO REPAY SUCH BONDS; TO AUTHORIZE THE COUNTY COMMISSIONER TO ACT AS THE REDEVELOPMENT AGENT TO IMPLEMENT THE REDEVELOPMENT PLAN PURSUANT TO THE REDEVELOPMENT POWERS LAW; TO AUTHORIZE A FORM OF A DEVELOPMENT AGREEMENT WITH RESPECT THERETO; TO AUTHORIZE THE COUNTY COMMISSIONER TO EXECUTE ANY DOCUMENTS RELATING HERETO, AND OTHERWISE TO PERFORM ALL ACTS NECESSARY TO ACCOMPLISH THE INTENT OF THIS RESOLUTION; TO PROVIDE FOR THE REPEAL OF CONFLICTING RESOLUTIONS; TO PROVIDE AN EFFECTIVE DATE OF THIS RESOLUTION; AND FOR OTHER PURPOSES AT THE REGULAR MEETING OF THE COUNTY COMMISSIONER HELD ON NOVEMBER 13, 2024. WHEREAS, the Redevelopment Powers Law (O.C.G.A. $ 36-44-1 et seq.) provides for the exerciseo ofredevelopment powers and the creation ofredevelopment plans and tax allocation districts by counties and municipalities in the State of Georgia; and WHEREAS, the purpose of the Redevelopment Powers Law is to improve economic and social conditions within economically and socially depressed areas that contribute to or cause unemployment, limit the tax resources of counties and municipalities while creating a greater demand for governmental services, and have a deleterious effect upon the public health, safety, morals and welfare; and WHEREAS, pursuant to Local Act 282 (HB 727, Ga. Laws 2018) as approved by amajority oft the voters in ai referendum held onl May 22,2018, Bartow County is authorized to exercise the redevelopment powers as permitted under the provisions of Article IX, Section II, Paragraph VII of the Georgia Constitution of 1983, as amended, and as delineated by the Redevelopment Powers Law; and WHEREAS, an unincorporated area within the County comprised ofapproximately 15,697 acres adjacent to and in the general vicinity of Highway 411, including certain parcels and lands within the CityofWhite, Georgia (known generally as the "Aubrey Site"), as described in the Highway 411 Corridor Redevelopment Plan attached hereto as Exhibit A (the Redevelopment Plan"), is characterized by inadequate utility infrastructure, including water, sewer, electrical and telecom services, and inadequate public infrastructure, including inadequate parking, roadways, bridges, pedestrian access and public transportation or transit facilities incapable ofhandling the volume oft traffic into or through the area, both at present and following redevelopment; and WHEREAS, the Redevelopment Area on the whole has not been subject to growth and development through private enterprise and will not reasonably be anticipated to be developed without the approval oft the Redevelopment Plan; and WHEREAS, the redevelopment of the Aubrey Site would bring substantial private investment in new manufacturing, logistics, and data center facilities in two planned industrial parks, as well as: retail services, professional services, and housing within a1 major mixed-use development, which would have a direct benefit to the tax base of the surrounding commercial areas and provide new employment and housing opportunities in northeast Bartow County; and WHEREAS, the County Commissioner of Bartow County recognizes that, as a result of underinvestment, the Highway 411 Corridor is an economically and socially depressed area, and that the under-performance and disinvestment that has occurred in the Redevelopment Area must be reversed in order to protect the economic health, safety and welfare oft the County; and WHEREAS, iti is int the public interest that the County exercisei its powers under the Redevelopment Powers Law to enable public and private investment and partnership to improve the economic and social conditions in the proposed Highway 411 Corridor Redevelopment Area described in the Redevelopment Plan (the Redevelopment Area") and to abate or eliminate the deleterious effects of the Redevelopment Area's current underdeveloped state; and WHEREAS, the aforesaid proposed Redevelopment Plan and Redevelopment Area will be beneficial to Bartow County, specifically to provide the public infrastructure to enable private investment and development that will create new. jobs and housing, new sales tax revenue, and increase the County's tax base; and WHEREAS, the proposed Redevelopment Plan that has been prepared for the Highway 411 Corridor Redevelopment Area pursuant to O.C.G.A. $ 36-44-3(9), proposes that (a) the County create the Highway 411 Corridor Redevelopment Area, (b) the County create and designate the Tax Allocation District Number 3: Bartow County Highway 411 Corridor (the "Tax Allocation District") tol be coterminous with such Redevelopment Area, (c) the County issuei its tax allocation district bonds, issue other obligations, or obtain loans from financial institutions (collectively, "TAD Bonds") pursuant to O.C.G.A. $ 36-44-14 to finance redevelopment costs of the Tax Allocation District, (d) the County pledge the positive tax increment derived from its maintenance and operation millage in the Tax Allocation District to repay the TAD: Bonds pursuant to O.C.G.A. $ 36-44-8(3)(F), and (e) the County request that thel Bartow County School District pledge thej positive tax increment 2 derived from its maintenance and operation millage in the Tax Allocation District to repay the TAD Bonds pursuant to O.C.G.A. 8 36-44-9(c); and WHEREAS, a notice of public hearing and meeting oft the County Commissioner to consider the adoption of the Redevelopment Plan has been published in accordance with O.C.G.A. Sections 36-44-7(b) and (c); and WHEREAS, aj publicl hearing on the proposed Redevelopment Plan was held on the WHEREAS, the County Commissioner ofl Bartow County desires now to adopt the Highway 411 Corridor Redevelopment Plan and authorize the implementation thereof; and WHEREAS, the County Commissioner of Bartow County has been designated as WHEREAS, the County desires to enter into a Development Agreement with Aubrey Corporation in substantially the form attached hereto as Exhibit B to provide for date hereof, as required by O.C.G.A. Section 36-44-7(b); and the Redevelopment Agency under the Redevelopment Powers Law; and the redevelopment oft the Redevelopment Area; and NOW,THEREFORE, BE IT RESOLVED AND IT HEREBY IS RESOLVED Section 1. The County Commissioner of Bartow County finds and declares that the Redevelopment Area on the whole has not been subject to growth and development through private enterprise and would not reasonably be anticipated tol be developed without the approval of the Redevelopment Plan, which is attached hereto as Exhibit A and THAT: incorporated herein by this reference. Section 2. The County Commissioner of Bartow County finds and declares that the Redevelopment Area is an "area with inadequate infrastructure" as defined in O.C.G.A. Section 36-44-3(7)(C) characterized by inadequate utility infrastructure, including water, sewer, electrical and telecom services, and inadequate public infrastructure, including inadequate parking, roadways, bridges, pedestrian access and public ctransportation or transit facilities incapableofhandling: the volume oftraffic into ort through the area, both atj present and following redevelopment. Section 3. The County Commissioner ofBartow County finds and declares that implementation oft the Redevelopment Plan (a) will provide the Redevelopment Area with the public infrastructure needed for current needs and future redevelopment, and (b) will likely enhance the value of a substantial portion of the real property lying within the Tax Allocation District. Section 4. The County Commissioner of Bartow County hereby creates and establishes a redevelopment area to be known as the "Highway 411 Corridor Redevelopment Area", and establishes the boundaries of the Redevelopment Area as indicated in the attached Redevelopment Plan. 3 Section 5. The County Commissioner of Bartow County hereby adopts the Highway 411 Corridor Redevelopment Plan attached hereto as Exhibit A in accordance with the Redevelopment Powers Law. Section 6. The County Commissioner of Bartow County hereby creates and establishes a tax allocation district within the Redevelopment Area to be known as "Tax Allocation District Number 3: Bartow County Highway 411 Corridor" in accordance with the Redevelopment Plan and Redevelopment Powers Law, and establishes the boundaries ofthe' Tax Allocation District to be the same as the boundaries ofthel Redevelopment Area; provided, however, that the inclusion in the Redevelopment Area and the Tax Allocation District of any parcels and lands located within the corporate limits of the City of White, Georgia (the "City") as set forth in the Redevelopment Plan, is contingent on the City Council ofthe City adopting ai resolution approving the inclusion ofs such parcels and lands. Section 7. The Redevelopment Area and the Tax Allocation District arel hereby created as of December 31, 2024, and shall continue in existence for a period of twenty- seven (27)years from the effective date with a proposed termination date ofDecember 31, 2051. No debt service obligations on any tax allocation bonds shall extend beyond such termination date; however, the Redevelopment Powers Law provides that the Tax Allocation District shall remain in existence until all redevelopment costs, including debt service on any bonds, associated with the implementation of the Redevelopment Plan are paid in full. Section 8. The County Commissioner ofBartow County hereby establishes the estimated tax allocation increment base at $ 6,562,237. Pursuant to O.C.G.A. Section 36- 44-10(a), no later than the effective date of the creation of the Tax Allocation District, the County Commissioner acting as the redevelopment agency shall apply, in writing, to the state revenue commissioner for a determination of the definitive tax allocation increment base ofthe Tax Allocation District to be used for computing the tax allocation increments as specified in the Redevelopment Plan. Section 9. The County Commissioner of Bartow County was previously designated as the County's Redevelopment Agency. The County Commissioner ofBartow County will implement the provisions of the Redevelopment Plan to effectuate improvements in the Redevelopment Area and Tax Allocation District. Section 10. The County Commissioner of Bartow County, as the designated Redevelopment Agent, establishes the intent to issue and sell TAD Bonds and such other redevelopment bonds as necessary toi implement the provisions oft the Redevelopment Plan. Section11. The County Commissioner of Bartow County hereby authorizes the use of the proceeds ofs such TAD Bonds and other such bonds for any and all eligible uses, including, without limitation, costs ofi issuance oft the TAD Bonds; capital costs of public improvements, including but not limited to streets, bridges, utilities, storm and sanitary sewers, parks and parking lots; professional services costs, including fees for architectural, engineering, environmental and construction administration services; and such other uses 4 deemed necessary pursuant to provisions of the Redevelopment Plan and the Redevelopment Powers Law. Section 12. The County Commissioner of Bartow County hereby establishes that the property to be pledged as payment or as security for payment of the TAD Bonds will include for the life of the District as provided herein (a) the positive ad valorem tax allocation increments from the County's maintenance and operations millage derived from the Tax Allocation District pursuant to O.C.G.A. $ 36-44-8(3)(F), and (b) the positive ad valorem tax allocation increments from the Bartow County School District's maintenance and operations millage derived from the Tax Allocation District if approved and consented tol by the Bartow County Board of Education pursuant to O.C.G.A. $ 36-44-9(c); provided, however, that effective January 1, 2045, the Board of Education shall have the option to adjust its millage commitment ofr residential ad valorem property taxes levied by the Board of Education included in the computation oft tax allocation increments for the Highway 411 Corridor TAD from 75% of such increment to no less than 50% of such increment. Such adjustment shall be based on a review conducted by or at the direction of the Board of Education of the ability of local sources of Board of Education General Fund revenues (funds for operating expenses) derived from the Highway 411 Corridor TAD to cover the Board of] Education General Fund expenses that relate to local revenue sources for students residing within the Highway 411 Corridor' TAD. Ifag good faith review ofs such funding and expense balance: indicates a funding deficit, then thel Board of Education may elect toi reduce its résidential ad valorem property tax increment commitment to thel Highway 411 Corridor TAD by a percentage warranted by such review, but in no event shall such percentage be reduced to less than 50% of such increment. The Board of Education will provide written notice ofi its election of any change to the Highway 411 Corridor TAD residential property tax increment to the County Commissioner at least ninety (90) days prior to the effective date. Notice shall bej provided in sufficient times SO that the Bartow County tax assessor can adjust its records for the adjustment to be effective on January 1, 2045. For the avoidance of doubt, the Board of Education's millage commitment of commercial and industrial ad valorem property taxes levied by the Board of] Education included ini the computation oftax allocation increments for the Highway 411 Corridor TAD shall remain at 100%. Section 13. The form ofDevelopment Agreement attached hereto as Exhibit B is hereby approved. The County Commissioner of Bartow County hereby authorizes the Redevelopment Agent to execute any document relating hereto on behalf of the County, including without limitation the Development Agreement in substantially the form attached hereto as Exhibit B subject tos such changes, insertions, omissions and completion ofblanks therein as may be approved by the Redevelopment Agent executing the same, such execution to be conclusive evidence of such approval, and otherwise to perform all acts necessary to accomplish thej purpose oft this resolution. Section 14. Sections 13. All: resolutions and parts of resolutions in conflict with Section 15. This Resolution shall become effective when adopted. the Resolution arel hereby repealed to the extent of such conflict. 5 SO ADOPTED this 13th day ofNovember, 2024. ATTEST: BARTOW COUNTY, GEORGIA Scle Taylor, Sole Commissioner Kathy Gill,County Clerk k Steve' EXHIBIT. A Highway 411 Corridor Redevelopment Plan [attached] A-1 EXHIBIT B Form ofI Development Agreement [attached] B-1