HomeMy WebLinkAbout98-03 RESOLUTION•
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RESOLUTION NO.98-03
A RESOLUTION CERTIFYING THAT THE CITY OF
FAYETTEVILLE ENDORSE THE STANDARD REGISTER
COMPANY TO PARTICIPATE IN THE STATE OF
ARKANSAS TAX BACK PROGRAM (ADED)
WHEREAS, a city must endorse a business to participate in the Tax Back
Program and benefit from the refunds/tax credits as provided in the Consolidated
Incentive Act of 2003, Section 15 4 2706(d); and
WHEREAS, said endorsement must be made on a specific form available from
the Arkansas Department of Economic Development; and
WHEREAS, The Standard Register Company located at 3655 South School,
Fayetteville, Arkansas has sought to participate in the program and more specifically has
requested benefits accruing from expansion of the business to include 30 new jobs and
58,300,000.00 in new investment; and
WHEREAS, The Standard Register Company has agreed to furnish the local
government all necessary information for compliance
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF FAYETTEVILLE, ARKANSAS•
Section I. That the City Council of the City of Fayetteville, Arkansas hereby
endorses the Standard Register Company for benefits from the refunds/tax credits as
provided by the Consolidated Incentive Act of 2003, A.C.A. 15-4-2706(d).
Section 2. That the City Council of the City of Fayetteville, Arkansas hereby
authorizes the Department of Finance and Administration to refund local sales and use
taxes pursuant to the Consolidated Incentive Act of 2003 to the Standard Register
Company.
apy ,wr-•--v4 PASSED and APPROVED this the 151 day ofJuly, 2003.
its`
-lig •,� :� ..ri' APPROV D:
By
DAN COODY. sef' or
NAME OF FILE:
CROSS REFERENCE:
Item #
Date
•
Resolution No. 98-03
Document
•
1
06/18/03
Staff Review Form w/attachments:
draft resolution
memo to Mayor/City Council
2
07/08/03
memo to Hugh Earnest
NOTES:
STAFF ANEW FORM - NON-FINANCIAL OBL TION
X AGENDA REQUEST
For the Fayetteville City Council Meeting of: July 1, 2003
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FROM:
Ray M. Boudreaux Economic Development
Name Division
Aviation and Economic Development
Department
ACTION REQUIRED: Approval of Resolution Certifying The Standard Register Company to
participate in the State ADED Tax Back program and granting the state DF and A permission
to administer the program to refund State and local sales taxes paid by the company in
connection with this expansion.
SUMMARY EXPLANATION:
The consolidated Incentive Act of 2003 allows for business and industry to apply for sales tax refunds and tax credits for
significant expansions. It further allows for Cities to participate or not depending on their decision. Attached is a resolution
which certifies The Standard Register Company to participate in the program and permits the State DF 8 A to administer
the refund of State and Local sales taxes that are paid in connection with this expansion project. The company intends to
purchase, out of State, $8.3 million in new equipment and hire 30 new employees at an average wage of $25,200.00.
Their appllication has been approved by ADED. (State of Arkansas collects $.05125 in sales tax/Fayeteville collects
$.0175 on the first $2,500.00)
STAFF RECOMNDATION:
Diviv a
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Department Director Dat
Date
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Date
4
Finance d Internal Services Dir.
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Date
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Ch' Date anis ive Officer Date
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Date
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Received in Mayor's Office
Cross Reference:
Previous Ord/Res;:
Oria. Contract Date:
Orig. Contract Number:
New Item: Yes
Date
• •
RESOLUTION NO.
A RESOLUTION CERTIFYING THAT THE CITY OF
FAYETTEVILLE ENDORSE THE STANDARD REGISTER
COMPANY TO PARTICIPATE IN THE STATE OF
ARKANSAS TAX BACK PROGRAM (ADED)
WHEREAS, a city must endorse a business to participate in the Tax Back
Program and benefit from the refunds/tax credits as provided in the Consolidated
Incentive Act of 2003, Section 15-4-2706(d); and
WHEREAS, said endorsement must be made on a specific form available from
the Arkansas Department of Economic Development; and
WHEREAS, The Standard Register Company located at 3655 South School,
Fayetteville, Arkansas has sought to participate in the program and more specifically has
requested benefits accruing from expansion of the business to include 30 new jobs and
$8,300,000.00 in new investment; and
WHEREAS, The Standard Register Company has agreed to furnish the local
government all necessary information for compliance.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF FAYETTEVILLE, ARKANSAS:
Section 1. That the City Council of the City of Fayetteville, Arkansas hereby
endorses the Standard Register Company for benefits from the refunds/tax credits as
provided by the Consolidated Incentive Act of 2003, A.C.A. 15-4-2706(d).
Section 2. That the City Council of the City of Fayetteville, Arkansas hereby
authorizes the Department of Finance and Administration to refund local sales and use
taxes pursuant to the Consolidated Incentive Act of 2003 to the Standard Register
Company.
PASSED and APPROVED this the 15t day of July, 2003.
APPROVED:
.
VtPt
By:
DAN COODY, Mayor
ATTEST:
By:
Sondra Smith, City Clerk
} AYETTE\qLLE
THE CITY OF FAYETTEVILLE, MKANSAS
DAN COODY, MAYOR
TO:
THRU:
FROM:
DATE*
SUBJECT:
MEMORANDUM
Dan Coady, Mayor
Fayetteville City Council
Staff Review Committee
Ray M. Boudreaux, Director, Aviation and Economic Devel
June 17, 2003
TAX BACK RESOLUTION FOR THE STANDARD REGISTER COMPANY
•
Background: The consolidated Incentive Act of 2003 allows for business and industry to apply
for sales tax refunds and tax credits for significant expansions. It further allows for Cities to
participate or not depending on their decision. Attached is a resolution vhich certifies The
Standard Register Company to participate in the program and permits the State DF& A to
administer the refund of any State and City of Fayetteville sales taxes that might be paid by The
Standard Register Company in connection with this expansion. The State collects $.05125 and
the City collects $.0175 on the first $2,500.00 on any single purchase. The Company will
purchase the equipment out of State.
Budget Considerations: N/A
Requested Action: Approve the Resolution to allow THE STANDARD REGISTER
COMPANY to participate in the State of Arkansas Tax Back program and the State DF & A
to administer the program to refund State and Local sales taxes in connection with this
expansion.
Attachments Staff Review Form
Resolution
Aviation and Economic Development Department
Fayetteville Municipal Airport, Drake Field
4500 South School Avenue, Suite F
Fayetteville, Arkansas 72701
Ray M. Boudreaux, Director
FAYETTEVILLE
THE CITY OF FAYETTEVILLE. ARKANSAS
DEPARTMENTAL CORRESPONDENCE
To: Ray Boudreaux
Aviation & Economic Development
From: Clarice Buffalohead-Pearman (AU
City Clerk Division
Date: July 8, 2003
Re: Res. No. 98-03
Attached is an executed copy of the above resolution, approved by the City Council on July 1,
2003, endorsing the Standard Register Company to participate in the ADED tax back program
vehicles.
This resolution and attachments will be recorded in the city clerk's office and microfilmed. If
anything else is needed please let the clerk's office know.
/cbp
attachments
cc: Nancy Smith, Internal Auditor