HomeMy WebLinkAbout15717 1 RESOLUTION NO. 15,717
2
3 A RESOLUTION TO CERTIFY LOCAL GOVERNMENT
4 ENDORSEMENT OF W& W—AFCO STEEL,LLC,TO PARTICIPATE IN
5 THE ARKANSAS TAX BACK PROGRAM, AS AUTHORIZED BY ARK.
6 CODE ANN § 15-4-2706(D) OF THE CONSOLIDATED INCENTIVE ACT
7 OF 2003; AND FOR OTHER PURPOSES.
8
9 WHEREAS,the regulations of the Arkansas Tax Back Program require local government endorsement
10 of businesses or enterprises that wish to participate in and take advantage of the program; and,
11 WHEREAS,W&W—AFCO Steel,LLC,has been declared by the Management of the Arkansas Tax
12 Back Program to be an appropriate applicant to benefit from the features of the program in its creation of
13 115 new jobs and a total investment of at least Eighteen Million,Six Hundred Eighty-Nine Thousand,Two
14 Hundred Sixty-Three Dollars($18,689,263.00);and,
15 WHEREAS, W & W—AFCO Steel, LLC, has agreed to furnish to the management of the Arkansas
16 Tax Back Program all information necessary to assure compliance with the terms and conditions of the
17 program.
18 NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
19 OF LITTLE ROCK,ARKANSAS:
20 Section 1. The City endorses W & W—AFCO Steel, LLC, and the Mayor is authorized to execute
21 any required Certificate of Local Government Endorsement of W & W—AFCO Steel, LLC,to participate
22 in the Arkansas Tax Back Program and to be eligible to benefit from any refunds and tax credits, including
23 City Gross Receipts and Compensating Use Tax Credits,in accordance with the regulations of the Arkansas
24 Tax Back Program.
25 Section 2. To the extent the City has authority to grant such authority,the Department of Finance and
26 Administration is authorized to refund any City Sales and Compensating Use Taxes collected from
27 Synthesia Technology,Inc.,during the period of time that it participates in the Arkansas Tax Back Program.
28 Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
29 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
30 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and
31 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
32 resolution.
33 Section 4. Repealer. All laws,ordinances,resolutions,or parts of the same,that are inconsistent with
34 the provisions of this resolution,are hereby repealed to the extent of such inconsistency.
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1 ADOPTED: June 21,2022
2 �•" APPROVED:
3 ��
4Alm_
5 :us. al , City Clerk Frank Scott,Jr.,May
6 APP'O Mr. TO LEGAL FORM:
7
8 AA ,
9 Thomas M.Carpenter,City Atto ey
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