126751
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RESOLUTION NO. 12,675
3 A RESOLUTION TO CERTIFY LOCAL GOVERNMENT ENDORSEMENT OF SAGE V
4 FOODS LLC, LOCATED AT PORT OF LITTLE ROCK, LITTLE ROCK, ARKANSAS,
5 TO PARTICIPATE IN THE ARKANSAS TAX BACK PROGRAM (AS AUTHORIZED BY
6 SECTION 15- 4- 2706(D) OF THE CONSOLIDATED INCENTIVE ACT OF 2003);
7 AND FOR OTHER PURPOSES.
9 WHEREAS, the regulations of the Arkansas Tax Back Program require local government
10 endorsement of businesses or enterprises that wish to participate in and take advantage of the
11 program, and
12 WHEREAS, Sage V Foods LLC has been declared by the management of the Arkansas Tax Back
13 Program to be an appropriate applicant to benefit from the features of the program, and
14 WHEREAS, Sage V Foods LLC will purchase land and construct a manufacturing facility, in addition
15 to purchasing equipment and machinery for the production of frozen and instant rice to be sold to the
16 food industry, and
17 WHEREAS, the project will result in 60 -100 new jobs and a total investment of $22,636,000, and
18 WHEREAS, Sage V Foods LLC has agreed to furnish to the management of the Arkansas Tax Back
19 Program all information necessary to assure compliance with the terms and conditions of the program;
20 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE
21 ROCK, ARKANSAS:
22 Section 1. The City endorses and the Mayor is authorized to execute any required Certificate of
23 Local Government Endorsement of Sage V Foods LLC to participate in the Arkansas Tax Back Program
24 and to be eligible to benefit from any refunds and tax credits, including City gross receipts and
25 compensating use tax credits, in accordance with the regulations of the Arkansas Tax Back Program.
26 Section 2. To the extent the City has authority to grant such authority, the Department of Finance
27 and Administration is authorized to refund any City sales and compensating use taxes collected from
28 Sage V Foods LLC during the period of time that it participates in the Arkansas Tax Back Program.
29 Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause,
30 phrase, or word of this resolution is declared or adjudged to be invalid or unconstitutional, such
31 declaration or adjudication shall not affect the remaining portions of the resolution which shall remain
32 in full force and effect as if the portion so declared or adjudged invalid or unconstitutional was not
33 originally a part of the resolution.
34 Section 4. Repealer. All laws, ordinances, resolutions, or parts of the same, that are inconsistent
35 with the provisions of this resolution, are hereby repeated to the extent of such inconsistency.
Resolution [PAGE 1 OF 2]
To endorse Sage V Foods
to participate In the Tax Back Program
1 ADOPTED: April 1, 2008
2 ATTEST:
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5 Nancy. ood, 96 Clerk
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7 APPROVED AS TO LEGAL FORM:
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10 Thomas M. Carpenter, City Attorne
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Resolution [PAGE 2 OF 2]
To endorse Sage V Foods
to participate In the Tax Back Program
APPROVED•
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Mark Stodo a, Mayor