HomeMy WebLinkAbout09-68 RESOLUTIONRESOLUTION NO. 9-68
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A RESOLUTION EXPRESSING THE INTENT OF THE BOARD OF DIRECTORS OF THE CITY OF
FAYETTEVILLE, FOR DEVELOPMENT OF AN INDUSTRIAL PARK, AND THE INTENT TO CALL
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AN ELECTION UNDER AMENDMENT 49 TO THE CONSTITUTION OF ARKANSAS IN ORDER TO
FINANCE THE LOCAL SHARE OF THE COST OF SAID INDUSTRIAL PARK IN THE EVENT ADE-
QUATE PRIVATE FINANCING IS NOT AVAILABLE:
WHEREAS, a program has been presented to the Board of Directors of
the City of Fayetteville, Arkansas for the development of an industrial park
in the City of Fayetteville at an approximate cost of $1,025,000.00 and
WHEREAS, the City of Fayetteville has been designated a growth center
within the Northwest Arkansas Economic Development District under the pro-
visions of the Public Works and Economic Development Act of 1965, and as
such has certain responsibilities in providing jobs if it is to enjoy the
financial benefits available to it as such growth center, and
WHEREAS,
of said project
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under said program for industrial park development, a portion
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is proposed to be financed by a 50% grant from the Economic
Development administration through the Northwest Arkansas. Economic Development
District, said grant being in the approximate sum of $350,000.00, and available
by reason of the City's designation as a growth center, and
WHEREAS, said grant must be applied for by July 1, 1968, and in order
to make application for said grant it is necessary to indicate the source of
financing for the local community's share of the cost of said project, in the
approximate sum of $675,000.00, and in the event a portion of the local share
is to be financed by Amendment 49 Industrial Development Bonds, it is necessary
to indicate the intentions of the Board of Directors to call an election on the
question of issuing such Bonds if said grant is approved, and
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WHEREAS, a portion of said local share of the project cost in the
approximate amount of $225,000.00 is proposed to be financed by issuance of
water and sewer revenue bonds, and
WHEREAS, it is proposed to finance the balance of the local share of
the cost of said project in the approximate amount of $450,000.00 by private
funds through a private non-profit corporation if .such .funds are available, but
in the event adequate private financing, including provision for debt service
cannot be found, then it is proposed to finance the balance Of the local share
of the cost of said project by the issuance of Amendment 49 Industrial Develop-
ment Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
OF FAYETTEVILLE, ARKANSAS:
SECTION 1. That it is the intent of the Board of Directors of the City
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of Fayetteville, Arkansas, that an industrial park be developed in the City of
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Fayetteville at an approximate cost of $1,025,000.00.
SECTION 2. That it is the intention of the Board of Directors that an
application be prepared and filed for a 50% grant through the Northwest Arkansas
Economic Development District in the approximate amount of ,$350,000.00, in order
to finance a portion of said project.
SECTION 3. That in the event said grant is approved, it is the intent
of the Board of Directors to finance a portion of the local share of the project
cost in the approximate amount of $225,000.00 through issuance of water and
sewer revenue bonds.
SECTION 4. That in the event said grant is approved, and in the.. event
adequate private financing, including satisfactory provision for debt service,
of the balance of the local community share of the cost of said project in the
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approximate amount of $450,000.00 is not available, then it is the intent of
the Board of Directors to call an election under the provisions of Amendment
49 to the Constitution of Arkansas, in order to submit to the electorate the
question of financing the balance of local share of said'project by the issuance
of Amendment 49 Industrial Development Bonds.
PASSED AND APPROVED this / day of
ATTEST:
GESRGE J .tAVIZ/'CITY CLERK
APPROVED:
1968.
DON TRUMBO,'MAYOR
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