HomeMy WebLinkAbout72-91 RESOLUTIONRESOLUTION NO. 72-91
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A RESOLUTION AUTHORIZING ARMSTRONG BROTHERS
TOOL -COMPANY TO PARTICIPATE IN THE ARKANSAS'
ENTERPRISE ZONE PROGRAM.
WHEREAS, the City of Fayetteville has approved the Zone
designation of Enumeration District 111, Block 2 within the
corporate,limits of the city, and;
WHEREAS, the local government must endorse a business or
enterprise to participate in the Arkansas Enterprise Zone Program
and benefit from the refunds/exemptions as provided in the Arkansas
Enterprize,Zone Program Regulations of 1989, and;
WHEREAS, said endorsement 'must be made on specific form
available from AIDC, and;
WHEREAS, Armstrong Brothers Tool Company, located at 2501
Armstrong Avenue, Fayetteville, Arkansas, has sought to participate
in the program and has been found by the management of the
Enterprise Zone Program to be eligible for the benefits accruing
from hiring additional personnel;
BE IT RESOLVED BY .THE BOARD OF DIRECTORS OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1. That the Armstrong Brothers Tool Company be
endorsed by the City of Fayetteville for benefit from the
refunds/exemptions as provided in the Arkansas Enterprise Zone
Program Regulations of 1989 effective through June 30,)61995.
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PASSED AND APPROVED this*'16th day of April , 1991.
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APPROVED:
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Application#
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ARKANSAS ENTERPRISE ZONE PROGRAM
SECTION A - COMPANY INFORMATION
Name of Firm:
Armstrong Bros.
Principal mailing address: P.O.
3. Location of Business:
2501 Armstrong Avenue
(Street Address)
Enterprise
Tool Cn
Box 1406
Fayetteville. Ar 72701
(City or County)
Zone by Census Designation: CT_, BG 2 , ED 111
Standard Industrial Classification Code (SIC):
347"1
6 Description of principal business activity , products manu-
factured, etc.
Manufacturer of. Hand Tools
Wrenches, Eye -Bolts and C -Clamps
7, Date firm began or anticipates operations in Enterprise Zone:
December, 1973
8. Contact person: Lora Fraley 9. Phone 501-571-3331
SECTION B - EMPLOYMENT DATA
How many employees do you now have? RQ as of Q3/.22/91
(number) (date)
2. What was your average annual employment for the previous
fiscal year? R5 (Add monthly averages and divide by 12
or by number of months in -business.)
3. How many additional full time (20 hours or more per week)
employees do you anticipate hiring during this fiscal year?
Approx. 5
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in order to receive enterprise zone tax credits, AIDC strongly
encourages hiring through the local Arkansas Employment Security
Division. The business must certify (and verify after hiring)
that at least 35% of its net new employees meet the criteria set
forth in Section 1 published by the Revenue Division of the
Arkansas Enterprise Zone Program Regulations.
In proceeding with employment, remember that 35% of all new
employees must be (a) residents of the same county as the
location of the business or counties adjacent thereto; and (b)
have been receiving some form of public assistance immediately
prior to employment; or are considered unemployable by
traditional standards or lacking in basic skills at the time of
employment.
Public assistance means any contribution, monetary or otherwise,
made by federal, state, county, and/or local governments to
individuals who qualify therefore by reason of indigence and/or
unemployment, as determined by the applicable rules, regulations,
or guidelines, of each public assistance program (e.g.
unemployment insurance compensation, Section 8 housing payments,
Social Security, etc.)
Employees considered unemployable by traditional standards should
have met items 2,. 3, and 4 of those listed below. A person that
would qualify as lacking in basic skills should meet criteria.(,
3, and 4 of the following items:
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(1) be required to participate in a company
training program; or
(2) been unemployed for at least 13 weeks prior to
employment with the company;.
(3) should not have quit last employer without good
cause to gain employment with the company; and
(4) -have registered with either the Arkansas
Employment Security Division or a private
employment agency.
Estimated number of qualifying net* new employees (exclude
owners) for which you expect to take the $2,000 income tax
credit.approx 5
*Net - difference between annual average of one year over the
average of previous year.
SECTION C - INFORMATION FOR SALES/USE TAX
1. Describe the project and items for which sales/use tax
credit is requested. Include whether expansion or new
construction of building space; identify whether project
is phased development if there are plans for expansion in
the future; and construction schedule and purchase of
machinery/equipment schedule. Provide examples of
expected expenses such as type of equipment and activities
to be carried out in new or expanded facilities.
NOTE: No sales or use tax rebates can be issued on
Licensed Motor Vehicles. Rebates issued on building
materials are primarily those which become_a
permanent part of the structure.
2. Anticipated Costs:
$ Land
$ Building.
$ Equipment
$
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Other (describe
onseparate
sheet)
Total
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The business and its contractors must give preference and
priority to Arkansas Manufacturers, suppliers, contractors
and labor, except where it is not reasonable possible to do
so without added expense, substantial inconvenience or
sacrifice in operation efficiency. Provide an estimate of
the percent of expenditures in the following categories:
Building, Machinery
Equipment Labor
Arkansas:
Outside
Arkansas:
4. Explain the need for purchases outside of Arkansas:
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5. Projected Construction Start
6. Projected Construction Completion
7. Projected Commencement of Hiring
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SECTION D - INFORMATION FOR INCOME TAX EXEMPTION
1. Is ownership of your business:
Individual Fiduciary Partnership
Taxable Corporation Small Business Corp.
Owner(s) Name
Percent Social Security or Corporate
Ownership Tax I.D. Number
2. A business must file its Arkansas income tax statement no
later than 4 1/2 months after the end of the calendar or
fiscal year. When will this company file our state income
tax return forms? to .
(date) (date)
CERTIFICATION
BEFORE ME, the undersigned authority, personally came and
appeared Bruce M. Armstrong who being first duly sworn
(Name of Company Official
did depose and say, that s/he is Plant Manager of
(Title)
Armstrong Bros. Tool Co.
(Company)
This affidavit is made for the specific purpose of verifying
that s/he has examined the information contained in these nine
pages. Sworn to and subscribed before me the 25 day of
March
19 91 .
(Notary)
coihii s•sion expires MY COMMISSION amrs 2.18=jgq
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(Signature of Company Offic'-1)