Foley, Ala. – (OBA) – The city will be taking over the assets and liabilities of the Coastal Alabama Farmers and Fishermen’s Market formalized by a vote of the city council at the April 4 meeting.

City Administrator Michael Thompson says the market was first formed as a non-profit on city-owned property as a New Markets Tax Credit project. The market was run by a board made up of the mayor, council president and city treasurer.

“The purpose of its creation was to do an NMTC (New markets Tax Credit) project which effectively allows the injection of capital funds by third parties in return for tax credits over a seven-year period,” Thompson said. “This gave the CAFFM funds, along with a secondary grant from BP Oil, to build the farmers market and expand the building that Moe's and Forland reside in.”

Thompson said an NMTC deal runs for seven years and the buildings and properties in the project cannot be changed or altered during the term.

“That term ended last July, so we are unwinding the CAFFM nonprofit, which is in the process of handing its assets back to the city,” Thompson said. “So, there is no sale or payment by the city to the CAFFM. The city will simply be accepting the CAFFM’s assets. It will continue as is with the same name and times, but will be overseen by Leisure Services division.”

The property includes the market and surrounding grounds, as well as the building that has Moe’s Original Bar B Que and Forland Farms as tenants and Thompson said Forland has two or three sub-tenants within their space. There is about $3 million in the market’s bank account which will also revert to the city.

Most of that money, Thompson said, came from the sale of another property owned by the market, a metal building located near Vulcan a few blocks north of city hall. Oscity, an Alabama-based company that makes CDB products from hemp and other non-hemp products bought the building from the market. The building also houses Gulf Coast Produce. Both companies were recruited to Foley by city officials.

During the regular/work session, the council:

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