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RESOLUTION NO. 13;303
3 A RESOLUTION OF INTENT OF THE BOARD OF DIRECTORS OF
4 THE CITY OF LITTLE ROCK, ARKANSAS, REGARDING THE
5 ISSUANCE OF BONDS FOR THE PURPOSE OF ASSISTING IN THE
6 FINANCING OF A DATA CENTER FACILITY TO BE LOCATED
7 WITHIN THE CITY; AND FOR OTHER PURPOSES.
8
9 WHEREAS, the City of Little Rock, Arkansas (the "City"), is authorized under the provisions of the
10 Municipalities and Counties Industrial Development Revenue Bond Law, Ark. Code Ann. §§14- 164 -201-
11 224 (West 2004) and (West Supp. 2011) (the "Act "), to own, acquire, construct, reconstruct, improve,
12 equip and lease facilities to secure and develop industry and to assist in the financing thereof by the
13 issuance of bonds payable from the revenues derived from such facilities; and
14 WHEREAS, Windstream Hosted Solutions, LLC, a Delaware limited liability company (the
15 "Company ") engaged in the telecommunications business, has evidenced its interest in equipping a data
16 center facility (the "Project ") to be located at 15707 Chenal Parkway within the corporate boundaries of
17 the City if permanent financing for the Project can be provided through the issuance of revenue bonds
18 under the authority of the Act; and
19 WHEREAS, the City desires to provide assistance to the Company in order to secure and develop
20 industry within the City, and to aid in the financing of the Project under the provisions of the Act;
21 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
22 OF LITTLE ROCK, ARKANSAS:
23 Section 1: That it is the City's present intention to assist the Company (or any affiliated entity
24 thereof) in the financing of the proposed Project through the issuance of industrial development revenue
25 bonds under the authority of the Act. It is presently estimated by the Company that bonds in the
26 aggregate principal amount of approximately $30,000,000 and with a term of approximately fifteen (15)
27 years would be required for this purpose. However, the City's intent is to issue the bonds from time to
28 time, pursuant to the terms of the Act, in such amount as shall be requested by the Company for
29 accomplishing all or any part of the Project, whether or not such amount is more or less than the above
30 estimate and whether or not the facilities and improvements finally acquired and equipped are identical to
31 or different from the facilities and improvements presently expected to constitute the Project.
32 Section 2. That in conjunction with any issuance of bonds to assist in the financing of the Project,
33 the City states its intention to enter into an agreement with the Company providing for annual payments
I by the Company in lieu of ad valorem taxes in an amount equal to 35% of the aggregate amount of ad
2 valorem taxes that would otherwise be due with respect to the Project facilities but for the City's issuance
3 of the bonds. It is the City's present intention that the bond financing and the agreement for payments in
4 lieu of ad valorem taxes would have a term of approximately fifteen (15) years. Any payment made in
5 lieu of ad valorem taxes would be distributed to the political subdivisions which would have received ad
6 valorem tax payments with respect to the Project facilities in the proportion that the millage levied by
7 each affected political subdivision bears to the total millage levied by all affected political subdivisions.
8 Section 3. That this Resolution shall be in full force and effect from and after its adoption.
9 Section 4. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
10 word of this ordinance is declared or adjudged to be invalid or unconstitutional, such declaration or
11 adjudication shall not affect the remaining portions of the ordinance which shall remain in full force and
12 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
13 ordinance.
14 Section 5. Repealer. All laws, ordinances, resolutions, or parts of the same that are inconsistent
15 with the provisions of this ordinance are hereby repealed to the extent of such inconsistency.
16 ADOPTED: April 19, 2011
17 ATTEST: APPROVED:
18
19
20 usa UED ngle City Clerk Mark Stodola, Mayor
21 APP S TO LEGAL FORM:
22
23
24 Thomas M. Carpenter, City torney
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