HomeMy WebLinkAbout126441 RESOLUTION NO. 12,644
2
3 A RESOLUTION TO CERTIFY LOCAL GOVERNMENT ENDORSEMENT OF LM
4 GLASFIBER, LOCATED AT 7301 LINDSEY ROAD, LITTLE ROCK, ARKANSAS, TO
5 PARTICIPATE IN THE ARKANSAS TAX BACK PROGRAM (AS AUTHORIZED BY
6 SECTION 15- 4- 2706(D) OF THE CONSOLIDATED INCENTIVE ACT OF 2003);
7 AND FOR OTHER PURPOSES.
8
9 WHEREAS, the regulations of the Arkansas Tax Back Program require local government
10 endorsement of businesses or enterprises that wish to participate in and take advantage of the
11 program, and
12 WHEREAS, LM Glasfiber 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, and
14 WHEREAS, LM Glasfiber will acquire land and construct a series of new facilities for
15 manufacturing warehousing and offices, in addition to purchasing equipment, and
16 WHEREAS, the project will result in 1,100 new jobs and a total investment of $150,000,000,
17 and
18 WHEREAS, LM Glasfiber has agreed to furnish to the management of the Arkansas Tax Back
19 Program all information necessary to assure compliance with the terms and conditions of the program;
20 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE
21 ROCK, ARKANSAS:
22 Section 1. The City endorses and the Mayor is authorized to execute any required Certificate
23 of Local Government Endorsement of LM Glasfiber to participate in the Arkansas Tax Back Program and
24 to be eligible to benefit from any refunds and tax credits, including City gross receipts and
25 compensating use tax credits, in accordance with the regulations of the Arkansas Tax Back Program.
26 Section 2. To the extent the City has authority to grant such authority, the Department of
27 Finance and Administration is authorized to refund any City sales and compensating use taxes collected
28 from LM Glasfiber during the period of time that it participates in the Arkansas Tax Back Program.
29 Section 3. Severobility. In the event any title, section, paragraph, item, sentence, clause,
30 phrase, or word of this resolution is declared or adjudged to be invalid or unconstitutional, such
31 declaration or adjudication shall not affect the remaining portions of the resolution which shall remain
32 in full force and effect as if the portion so declared or adjudged invalid or unconstitutional was not
33 originally a part of the resolution.
34 Section 4. Repealer. All laws, ordinances, resolutions, or parts of the same, that are
35 inconsistent with the provisions of this resolution, are hereby repealed to the extent of such
36 inconsistency.
[PAGE 1 OF 2]
Resolution
To endorse LM Glasfiber to participate
In the Tax Back Program
1 ADOPTED: February 5, 2008
2 ATTEST:
3
4
5 Nancy ood, Cit Clerk
6
7 APPROVED AS TO LEGAL FORM:
8
9
10 Thomas M. Carpenter, City A orney
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
[PAGE 2 OF 2]
Resolution
To endorse LM Glasfiber to participate
In the Tax Back Program
APPROVED:
7
Mark Stodola, Mayor