12784I RESOLUTION NO. 12P784
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3 A RESOLUTION TO CERTIFY LOCAL GOVERNMENT ENDORSEMENT OF
4 POLYMARIN COMPOSITES USA LIMITED, LOCATED AT 1500 PANATELA, LITTLE
5 ROCK, ARKANSAS, TO PARTICIPATE IN THE ARKANSAS TAX BACK PROGRAM
6 (AS AUTHORIZED BY SECTION 15- 4- 2706(D) OF THE CONSOLIDATED
7 INCENTIVE ACT OF 2003); AND FOR OTHER PURPOSES.
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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, Polymarin Composites USA Limited has been declared by the management of the
13 Arkansas Tax Back Program to be an appropriate applicant to benefit from the features of the program,
14 and
15 WHEREAS, Polymarin Composites USA Limited will renovate and expand an existing building, and
16 purchase machinery and equipment to facilitate manufacturing of wind turbine components, and
17 WHEREAS, the project will result in 30 new jobs and a total investment of $17,600,000.00, and
18 WHEREAS Polymarin Composites USA Limited has agreed to furnish to the management of the
19 Arkansas Tax Back Program all information necessary to assure compliance with the terms and
20 conditions of the program;
21 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE
22 ROCK, ARKANSAS:
23 Section 1. The City endorses and the Mayor is authorized to execute any required Certificate of
24 Local Government Endorsement of Polymarin Composites USA Limited to participate in the Arkansas
25 Tax Back Program and to be eligible to benefit from any refunds and tax credits, including City gross
26 receipts and compensating use tax credits, in accordance with the regulations of the Arkansas Tax Back
27 Program.
28 Section 2. To the extent the City has authority to grant such authority, the Department of Finance
29 and Administration is authorized to refund any City sales and compensating use taxes collected from
30 Polymarin Composites USA Limited during the period of time that it participates in the Arkansas Tax
31 Back Program.
32 Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause,
33 phrase, or word of this resolution is declared or adjudged to be invalid or unconstitutional, such
34 declaration or adjudication shall not affect the remaining portions of the resolution which shall remain
35 in full force and effect as if the portion so declared or adjudged invalid or unconstitutional was not
36 originally a part of the resolution.
[PAGE 1 OF 2]
Resolution
To endorse Polymarin Composite USA Limited
to participate In the Tax Back Program
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Section 4. Repealer. All laws, ordinances, resolutions, or parts of the same, that are inconsistent
with the provisions of this resolution, are hereby repealed to the extent of such inconsistency.
ADOPTED: November 18, 2008
ATTEST: APPROVED:
Na cy Wood, rity Clerk
APPROVED AS TO LEGAL FORM:
A 1, ,J,
Thomas M. Carpenter, City Attbrndy
[PAGE 2 OF 2]
Resolution
To endorse Polymarin Composite USA Limited
to participate In the Tax Back Program
- A /�4/�
Mark todola, Mayor