HomeMy WebLinkAbout16664 1 RESOLUTION NO. 16,664
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3 A RESOLUTION TO CERTIFY LOCAL GOVERNMENT
4 ENDORSEMENT OF LEXICON, INC. LOCATED AT 8900 FOURCHE
5 DAM PIKE, LITTLE ROCK, ARKANSAS, TO PARTICIPATE IN THE
6 ARKANSAS TAX BACK PROGRAM,AS AUTHORIZED BY ARK. CODE
7 ANN § 15-4-2706(D) OF THE CONSOLIDATED INCENTIVE ACT OF
8 2003; AND FOR OTHER PURPOSES.
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10 WHEREAS,the regulations of the Arkansas Tax Back Program require local government endorsement
11 of businesses or enterprises that wish to participate in and take advantage of the program;and,
12 WHEREAS, Lexicon, Inc. wishes to participate in the program for the expansion of their corporate
13 headquarters and steel fabrication operations creating sixty (60) new jobs at the Port of Little Rock,
14 Arkansas;and,
15 WHEREAS,Lexicon,Inc.,has been declared by the Management of the Arkansas Tax Back Program
16 to be an appropriate applicant to benefit from the features of the program in its creation of sixty(60)new
17 jobs and a total investment of at least Thirty-Seven Million, Six Hundred Dollars and 00/100
18 ($37,600,000.00);and,
19 WHEREAS,Lexicon,Inc.has agreed to furnish the management of the Arkansas Tax Back Program
20 all information necessary to ensure compliance with the terms and conditions of the program.
21 NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
22 OF LITTLE ROCK,ARKANSAS:
23 Section 1. The City endorses Lexicon, Inc. and the Mayor is authorized to execute any required
24 Certificate of Local Government Endorsement of Lexicon, Inc., to participate in the Arkansas Tax Back
25 Program and to be eligible to benefit from any refunds and tax credits, including City Gross Receipts and
26 Compensating Use Tax Credits,in accordance with the regulations of the Arkansas Tax Back Program.
27 Section 2. To the extent the City has authority to grant such authority,the Department of Finance and
28 Administration is authorized to refund any City Sales and Compensating Use Taxes collected from Lexicon,
29 Inc.,during the period of time that it participates in the Arkansas Tax Back Program.
30 Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
31 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
32 adjudication shall not affect the remaining portions of the resolution,which shall remain in full force and
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1 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
2 resolution.
3 Section 4. Repealer. All laws,ordinances,resolutions,or parts of the same,that are inconsistent with
4 the provisions of this resolution, are hereby repealed to the extent of such inconsistency.
5 ADOPTED: April 15,2025
6 ATTEST: APPROVED:
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9 Shaqueena McDowell,Assistant City Clerk Frank Scott,Jr., ayor
10 APPROVED AS TO LEGAL FORM:
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14 Thomas M. Carpenter,City Aft ney
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