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RESOLUTION NO.
197
A RESOLUTION AUTHORIZING A PAYMENT IN LIEU OF
TARES AGREEMENT BETWEEN THE CITY OF LITTLE
ROCK, ARKANSAS AND PARKIN PRINTING COMPANY,
INC.; AND OTHER MATTERS RELATING THERETO.
WHEREAS, Parkin Printing Company, Inc. (Parkin) has requested
the Arkansas Development Finance Authority (ADFA) to finance and
lease to Parkin a major new printing press; and
WHEREAS, ADFA is a state agency, and property owned by ADFA
and leased to other entities would normally be exempt from ad
valorem taxes; and
WHEREAS, ADFA and Parkin have requested the City to enter into
a Payment in Lieu of Taxes Agreement with Parkin related to the
equipment to be financed and owned by ADFA and leased to Parkin.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1: An agreement for payments to the City by Parkin
in lieu of ad valorem taxes is authorized to be executed by the
Mayor for equipment financed by ADFA and leased to Parkin.
ADOPTED: April 7, 1992
ATTEST:
APPROVED:
ROBBIE HANCOCK, CITY CLERK HARON PRIEST, MAYOR
APPROVED AS TO FORM:
THOMAS M. CARPENTER, ITY ATTORNEY
X53