HomeMy WebLinkAbout12646I RESOLUTION NO. 12,646
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3 A RESOLUTION TO CERTIFY LOCAL GOVERNMENT ENDORSEMENT OF
4 VSURANCE, LOCATED AT 220 WEST 6T" STREET, LITTLE ROCK, ARKANSAS,
5 TO 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.
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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, VSURANCE has been declared by the management of the Arkansas Tax Back Program
13 to be an appropriate applicant to benefit from the features of the program, and
14 WHEREAS, VSURANCE will enlarge an existing building and purchase equipment for the
15 operation of the business, and
16 WHEREAS, the project will result in 100 new jobs and a total investment of $1,300,000, and
17 WHEREAS, VSURANCE has agreed to furnish to the management of the Arkansas Tax Back
18 Program all information necessary to assure compliance with the terms and conditions of the program;
19 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE
20 ROCK, ARKANSAS:
21 Section 1. The City endorses and the Mayor is authorized to execute any required Certificate
22 of Local Government Endorsement of VSURANCE to participate in the Arkansas Tax Back Program and
23 to be eligible to benefit from any refunds and tax credits, including City gross receipts and
24 compensating use tax credits, in accordance with the regulations of the Arkansas Tax Back Program.
25 Section 2. To the extent the City has authority to grant such authority, the Department of
26 Finance and Administration is authorized to refund any City sales and compensating use taxes collected
27 from VSURANCE during the period of time that it participates in the Arkansas Tax Back Program.
28 Section 3. Severabi(ity. In the event any title, section, paragraph, item, sentence, clause,
29 phrase, or word of this resolution is declared or adjudged to be invalid or unconstitutional, such
30 declaration or adjudication shall not affect the remaining portions of the resolution which shall remain
31 in full force and effect as if the portion so declared or adjudged invalid or unconstitutional was not
32 originally a part of the resolution.
33 Section 4. Repealer. All laws, ordinances, resolutions, or parts of the same, that are
34 inconsistent with the provisions of this resolution, are hereby repealed to the extent of such
35 inconsistency.
Resolution [PAGE I OF 2]
To endorse Vsurance to participate
In the Tax Back Program
1 ADOPTED: February 5, 2008
2 ATTEST:
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5 Nan Wood,
6 ,ty Clerk
7 APPROVED AS TO LEGAL FORM:
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10 Thomas M. Carpenter, City Att ney
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Resolution [PAGE 2 OF 2]
To endorse Vsurance to participate
In the Tax Back Program
APPROVE
Mark Stodola, Mayor