HomeMy WebLinkAbout13543I RESOLUTION NO. 13,543
2
3 A RESOLUTION TO CERTIFY LOCAL GOVERNMENT
4 ENDORSEMENT OF WELSPUN TUBULAR, LLC, LOCATED AT 9301
5 FRAZIER PIKE, LITTLE ROCK, ARKANSAS, TO PARTICIPATE IN
6 THE ARKANSAS TAX BACK PROGRAM (AS AUTHORIZED BY
7 SECTION 15- 4- 2706(D) OF THE CONSOLIDATED INCENTIVE ACT OF
8 2003); AND FOR OTHER PURPOSES.
9
10 WHEREAS, the regulations of the Arkansas Tax Back Program require local government
11 endorsement of businesses or enterprises that wish to participate in and take advantage of the program;
12 and,
13 WHEREAS, Welspun Tubular, LLC, has been declared by the management of the Arkansas Tax
14 Back Program to be an appropriate applicant to benefit from the features of the program; and,
15 WHEREAS, Welspun Tubular, LLC, will be expanding an existing facility and purchasing
16 machinery and equipment for an ERW plant for the manufacture of small diameter steel pipes for the oil
17 and gas industry; and,
18 WHEREAS, the project will result in 200 new jobs and a total investment of $100,000.00; and,
19 WHEREAS, Welspun Tubular, LLC, has agreed to furnish to the management of the Arkansas Tax
20 Back Program all information necessary to assure compliance with the terms and conditions of the
21 program;
22 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
23 OF LITTLE ROCK, ARKANSAS:
24 Section 1. The City endorses and the Mayor is authorized to execute any required Certificate of
25 Local Government Endorsement of Welspun Tubular, LLC, to participate in the Arkansas Tax Back
26 Program and to be eligible to benefit from any refunds and tax credits, including City gross receipts and
27 compensating use tax credits, in accordance with the regulations of the Arkansas Tax Back Program.
28 Section 2. To the extent the City has authority to grant such authority, the Department of Finance
29 and Administration is authorized to refund any City Sales and Compensating Use Taxes collected from
30 the Welspun Tubular, LLC, during the period of time that it participates in the Arkansas Tax Back
31 Program.
32 Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
33 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
34 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and
(Page l of 21
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
resolution.
Section 4. Repealer. All laws, ordinances, resolutions, or parts of the same, that are inconsistent
with the provisions of this resolution, are hereby repealed to the extent of such inconsistency.
ADOPTED: August 7, 2012
y, City Clerk
AS TO LEGAL FORM:
Thomas M. Carpenter, City torney
//
APPROVED:
Dean Kumpuris, Vice Mayor
(Page 2 of 21