15534 1 RESOLUTION NO. 15,534
2
3 A RESOLUTION TO CERTIFY LOCAL GOVERNMENT
4 ENDORSEMENT OF CARDINAL CYCLING GROUP,LOCATED AT 3321
5 SHENANDOAH VALLEY DRIVE, LITTLE ROCK, ARKANSAS, TO
6 PARTICIPATE IN THE ARKANSAS TAX BACK PROGRAM, AS
7 AUTHORIZED BY ARK. CODE ANN. § 15-4-2706(D) OF THE
8 CONSOLIDATED INCENTIVE ACT OF 2003; AND FOR OTHER
9 PURPOSES.
10
11 WHEREAS,the regulations of the Arkansas Tax Back Program require local government endorsement
12 of businesses or enterprises that wish to participate in and take advantage of the program; and,
13 WHEREAS,Cardinal Cycling Group has been declared by the Management of the Arkansas Tax Back
14 Program to be an appropriate applicant to benefit from the features of the program in its creation of at least
15 eighteen (18) new jobs and a total investment of at least One Million, Five Hundred Thousand Dollars
16 ($1,500,000.00); and,
17 WHEREAS, Cardinal Cycling Group has agreed to furnish to the management of the Arkansas Tax
18 Back Program all information necessary to assure compliance with the terms and conditions of the program.
19 NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
20 OF LITTLE ROCK,ARKANSAS:
21 Section 1. The City endorses Cardinal Cycling Group and the Mayor is authorized to execute any
22 required Certificate of Local Government Endorsement of to participate in the Arkansas Tax Back Program
23 and to be eligible to benefit from any refunds and tax credits, including City gross receipts and
24 Compensating Use Tax Credits, in accordance with the regulations of the Arkansas Tax Back Program.
25 Section 2. To the extent the City has authority to grant such authority,the Department of Finance and
26 Administration is authorized to refund any City Sales and Compensating Use Taxes collected from Cardinal
27 Cycling Group during the period of time that it participates in the Arkansas Tax Back Program.
28 Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
29 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
30 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and
31 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
32 resolution.
33 Section 4. Repealer. All laws,ordinances,resolutions,or parts of the same,that are inconsistent with
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1 the provisions of this resolution,are hereby repealed to the extent of such inconsistency.
2 ADOPTED: September 7,2021
3 ATT : APPROVED:
4
24,
�,�.,-,
6 usan 7 " City Clerk Frank Scott,Jr.,Mayes '
„7 APPR t i T. TO LEGAL FORM:
8 I
9 C74,0•44.4-4---1 •
10 Thomas M. Carpenter,City Attor
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