HomeMy WebLinkAbout16934 1 RESOLUTION NO. 16,934
2
3 A RESOLUTION TO CERTIFY LOCAL GOVERNMENT
4 ENDORSEMENT OF WELSPUN TUBULAR, LLC, LOCATED AT 9301
5 FRAZIER PIKE ROAD, LITTLE ROCK, ARKANSAS, TO PARTICIPATE
6 IN THE ARKANSAS TAX BACK PROGRAM,AS AUTHORIZED BY ARK.
7 CODE ANN. § 15-4-2706(D) OF THE CONSOLIDATED INCENTIVE ACT
8 OF 2003; AND FOR OTHER PURPOSES.
9
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,Welspun Tubular,LLC,has been declared by the Management of the Arkansas Tax Back
13 Program to be an appropriate applicant to benefit from the features of the program in its creation of one
14 hundred seventy five (175) new jobs and a total investment of at least One Hundred and Twenty-Five
15 Million Dollars($125,000,00.00); and,
16 WHEREAS, Welspun Tubular, LLC, has agreed to furnish to the management of the Arkansas Tax
17 Back Program all information necessary to assure compliance with the terms and conditions of the 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 Welspun Tubular, LLC and the Mayor is authorized to execute a
21 required Certificate of Local Government Endorsement of Welspun Tubular, LLC, to participate in the
22 Arkansas Tax Back Program and to be eligible to benefit from any refunds and tax credits, including City
23 Gross Receipts and Compensating Use Tax Credits, in accordance with the regulations of the Arkansas Tax
24 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 Welspun
27 Tubular, LLC, 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.
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1 Section 4. Repealer. All laws,ordinances,resolutions,or parts of the same,that are inconsistent with
2 the provisions of this resolution,are hereby repealed to the extent of such inconsistency.
3 ADOPTED: January 20,2026
4 ATTEST: APPROVED:
5
6 76W.
7 Allison Segars,Ci . ' k Frank Scott,Jr. Mayor
8 APPROVED AS TO LEGAL FORM:
9
11 Thomas M.Carpenter,City Attorney
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