13393I
2
RESOLUTION NO. 13,393
3 A RESOLUTION TO CERTIFY LOCAL GOVERNMENT
4 ENDORSEMENT OF CANTRELL DRUG COMPANY, TO BE LOCATED
5 AT 7321 CANTRELL ROAD, LITTLE ROCK, ARKANSAS, TO
6 PARTICIPATE IN THE ARKANSAS TAX BACK PROGRAM (AS
7 AUTHORIZED BY SECTION 15- 4- 2706(D) OF THE CONSOLIDATED
8 INCENTIVE ACT OF 2003); AND FOR OTHER PURPOSES.
9
10 WHEREAS, the regulations of the Arkansas Tax Back Program require local government
11 endorsement of businesses or enterprises that wish to participate in and take advantage of the program;
12 and
13 WHEREAS, Cantrell Drug Company has been declared by the management of the Arkansas Tax
14 Back Program to be an appropriate applicant to benefit from the features of the program; and
15 WHEREAS, Cantrell Drug Company will be expanding an existing warehouse and production space,
16 hiring new employees, and purchasing equipment to accommodate current growth rate and projected
17 growth; and
18 WHEREAS, the project will result in fifteen (15) new jobs and a total investment of $450,000.00,
19 and
20 WHEREAS, Cantrell Drug Company has agreed to furnish to the management of the Arkansas Tax
21 Back Program all information necessary to assure compliance with the terms and conditions of the
22 program;
23 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
24 OF LITTLE ROCK, ARKANSAS:
25 Section 1. The City endorses and the Mayor is authorized to execute any required Certificate of
26 Local Government Endorsement of Cantrell Drug Company to participate in the Arkansas Tax Back
27 Program and to be eligible to benefit from any refunds and tax credits, including City gross receipts and
28 compensating use tax credits, in accordance with the regulations of the Arkansas Tax Back Program.
29 Section 2. To the extent the City has authority to grant such authority, the Department of Finance
30 and Administration is authorized to refund any City Sales and Compensating Use Taxes collected from
31 the Cantrell Drug Company during the period of time that it participates in the Arkansas Tax Back
32 Program.
33 Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
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word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
adjudication shall not affect the remaining portions of the resolution which shall remain in full force and
effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
resolution.
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 1, 2011
ATTEST: APPROVED•
City Clerk
3 TO LEGAL FORM:
•,
KA, 45tioni,
Thomas M. Carpenter, City ttorney
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Mark Stodola, yor