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• RESOLUTION NO. 9, 357 •
A RESOLUTION AUTHORIZING A PAYMENT IN LIEU OF
TAXES AGREEMENT BETWEEN THE CITY OF LITTLE ROCK,
ARKANSAS AND VINYL BUILDING PRODUCTS, INC.; AND
OTHER MATTERS RELATING THERETO.
105
WHEREAS, Vinyl Building Products, Inc. has requested the Arkansas Development Finance
Authority (ADFA) to finance a new facility consisting of land, construction of a building, and the
purchase of equipment to be leased to Vinyl Building Products, Inc.
WHEREAS, ADFA is a state agency, and property owned by ADFA and leased to other
entities would normally be exempt from ad valorem taxes; and
WHEREAS, ADFA and Vinyl Building Products, Inc. have requested the City to enter into
a Payment in Lieu of Taxes Agreement with Vinyl Building Products, Inc. related to the financing
of the facility owned by ADFA and leased to Vinyl Building Products, Inc.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
OF LITTLE ROCK, ARKANSAS:
SECTION 1: An agreement for payments to the City by Vinyl Building Products, Inc. in
lieu of ad valorem taxes is authorized to be executed by the Mayor for the construction of a new
facility financed by ADFA and leased to Vinyl Building Products, Inc.
ADOPTED: April 4, 1995
ATTEST:
APPROVED AS TO FORM:
THOMAS M. CARPENTE
CITY ATTORNEY
APPROVED:
DAILEY, MAYOR