Gulf Shores, needing grant matching funds, to borrow from boat business - al.com

Gulf Shores, needing grant matching funds, to borrow from boat business - al.com: "GULF SHORES — Cash-strapped but wanting to help a local business expand, the City Council has agreed to borrow about $1.2 million from Saunders Yachtworks to offer as the matching funds required of a $6 million federal grant to build a boat basin on the Intracoastal Waterway.

The 3-acre basin is the second phase envisioned for the privately held company's 14-acre Gulf Shores location. The first phase, a $6 million headquarters, opened in February, and company officials have said they envision for the third a campus of complementary businesses, such as canvas makers, yacht brokers and fabricators.

Gulf Shores owns the property. In 2007 the city negotiated a 99-year lease with Saunders. As such, Gulf Shores is the entity applying for the Economic Development Administration grant and was required to come up with the 20 percent matching funds."