HomeMy WebLinkAbout16932 1 RESOLUTION NO. 16,932
2
3 A RESOLUTION TO CERTIFY LOCAL GOVERNMENT
4 ENDORSEMENT OF FAYMONVILLE REAL ESTATE, LLC, LOCATED
5 AT 5414 FLETCHER ROAD, LITTLE ROCK, ARKANSAS, TO
6 PARTICIPATE IN THE ARKANSAS TAX BACK PROGRAM, AS
7 AUTHORIZED BY ARK. CODE ANN. § 15-4-2706(D) OF THE
8 CONSOLIDATED INCENTIVE ACT OF 2003; AND FOR OTHER
9 PURPOSES.
10
11 WHEREAS,the regulations of the Arkansas Tax Back Program require local government endorsement
12 of businesses or enterprises that wish to participate in and take advantage of the program;and,
13 WHEREAS, Faymonville Real Estate, LLC, has been declared by the Management of the Arkansas
14 Tax Back Program to be an appropriate applicant to benefit from the features of the program in its creation
15 of five hundred(500)new jobs and a total investment of at least one hundred and twenty one million dollars
16 ($121,000,00.00); and,
17 WHEREAS,Faymonville Real Estate, LLC,has agreed to furnish to the management of the Arkansas
18 Tax Back Program all information necessary to assure compliance with the terms and conditions of the
19 program.
20 NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
21 OF LITTLE ROCK,ARKANSAS:
22 Section 1. The City endorses Faymonville Real Estate, LLC,and the Mayor is authorized to execute,
23 a required Certificate of Local Government Endorsement of Faymonville Real Estate, LLC, to participate
24 in the Arkansas Tax Back Program and to be eligible to benefit from any refunds and tax credits, including
25 City Gross Receipts and Compensating Use Tax Credits,in accordance with the regulations of the Arkansas
26 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
29 Faymonville Real Estate, LLC, during the period of time that it participates in the Arkansas Tax Back
30 Program.
31 Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
32 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
33 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: January 20,2026
6 ATTEST: APPROVED:
7
8 MLIAUl
9 Allison Segars,Ci rk Frank Sco ,Jr., ayor
10 APPROVED AS TO LEGAL FORM:
11
12 44—
3
13 Thomas M.Carpenter, ity Attoey
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