HomeMy WebLinkAbout13140I RESOLUTION NO. 13,140
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3 A RESOLUTION TO CERTIFY LOCAL GOVERNMENT ENDORSEMENT OF
4 WELSPUN TUBULAR, LLC, LOCATED AT 9301 FRAZIER PIKE, LITTLE
5 ROCK, ARKANSAS, TO PARTICIPATE IN THE ARKANSAS TAX BACK
6 PROGRAM (AS AUTHORIZED BY SECTION 15- 4- 2706(D) OF THE
7 CONSOLIDATED INCENTIVE ACT OF 2003); 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 program,
11 and
12 WHEREAS, Welspun Tubular, LLC has been declared by the management of the Arkansas Tax
13 Back Program to be an appropriate applicant to benefit from the features of the program, and
14 WHEREAS, Welspun Tubular, LLC will be expanding an existing building for the manufacture of
15 large diameter HSAW steel pipes, and
16 WHEREAS, the project will result in 230 new jobs and a total investment of $30,000,000.00, and
17 WHEREAS, Welspun Tubular, LLC has agreed to furnish to the management of the Arkansas Tax
18 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 and the Mayor is authorized to execute any required Certificate of
23 Local Government Endorsement of Welspun Tubular, LLC to participate in the Arkansas Tax Back
24 Program and 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 Finance
27 and Administration is authorized to refund any City sales and compensating use taxes collected from
28 Welspun Tubular, LLC during the period of time that it participates in the Arkansas Tax Back Program.
29 Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
30 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
31 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and
32 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
33 resolution.
34 Section 4. Repealer. All laws, ordinances, resolutions, or parts of the same, that are inconsistent
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Resolution
To endorse Welspun Tubular, LLC to participate In the Tax Back Program
1 with the provisions of this resolution, are hereby repealed to the extent of such inconsistency.
2 ADOPTED: May 18,2010
3 TEST: APPROVED:
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6 n n ey, City Clerk Marl Stodola, Mayor
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8 APPROVED AS TO LEGAL FORM:
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11 Thomas M. Carpenter, City Wt orney
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Resolution
To endorse Welspun Tubular, LLC to participate In the Tax Back Program