HomeMy WebLinkAbout39-07 RESOLUTIONRESOLUTION NO. 39-07
A RESOLUTION CERTIFYING LOCAL GOVERNMENT ENDORSEMENT
OF BUSINESS TO PARTICIPATE IN THE TAX BACK PROGRAM (THE
CONSOLIDATED INCENTIVE ACT OF 2003, SECTION 15-4-2706(D)).
WHEREAS, the local government 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, the local government must authorize the refund of local sales and use tax as
provided in the Consolidated Incentive Act of 2003; and
WHEREAS, said endorsement must be made on specific form available from the
Arkansas Department of Economic Development; and
WHEREAS, Maynard, Inc., located at 1324 W. Van Asche Drive, Fayetteville, Arkansas
has sought to participate in the program and more specifically has requested benefits accruing
from expansion and construction of a new aviation manufacturing and assembly facility at
Fayetteville Municipal Airport, Drake Field; and
WHEREAS, Maynard, Inc. 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
Maynard, Inc. for benefits from the refunds/tax credits as provided in the Consolidated Incentive
Act of 2003, Section 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 to Maynard,
Inc. ...................
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SONDRA E. SMITH, City Clerk/Treasurer
PASSED and APPROVED this 6th day of March, 2007.
APPROVED:
ATTEST:
DAN COODY, Mayor
4
Ray M. Boudreaux
Submitted By
City of Fayetteville
Staff Review Form
City Council Agenda Items
or
Contracts
3/6/2007
City Council Meeting Date
Aviation & Economic Development
Division
Action Required:
302
Mirth, int/.
7Y adck %rM
General Government
Department
Action Required: Approve Local Government Endorsement of Maynard, Incorporated, to participate in the State Ta
Back incentive program.
Cost of this request
Account Number
Project Number
Budgeted Item
Funds Used to Date
$
Remaining Balance
Budget Adjustment Attached
Program Category / Project Name
Program / Project Category Name
Fund Name
(Tfl?Arc,
Depa ment Director
DD -
City Attorney
cx
Dat�O
Date
Finance and Internal Service Director
Ma or
Date
L
Date
Previous Ordinance or Resolution #
Original Contract Date:
Original Contract Number:
Received in City Clerk'Office
//4
Comments:
City Council Meeting of: March 6, 2007
Agenda Item Number:
CITY COUNCIL AGENDA MEMO/STAFF CONTRACT REVIEW MEMO
TO: Mayor and City Council
THRU: Staff/Contract Review Committee
FROM: Ray M. Boudreaux, Director, Aviation and Eco omic Development
DATE: January 12, 2007
SUBJECT: Approval of Tax Back application from aynard, Incorporated for a
major business expansion and construction of a new aviation
manufacturing, maintenance and repair facility at Fayetteville
municipal Airport, Drake Field. Signature of the Mayor and Clerk.
RECOMMENDATION: Approve resolution certifying Maynard, Incorporated to
participate in the Tax Back Program. The Arkansas Tax Back program refunds sales and
use taxes to the business for building materials and taxable equipment connected with the
eligible project.
BACKGROUND* Maynard, Incorporated has conducted business in their current facility
since March 3, 1982 and currently employs 80 in the manufacture and fabrication of
aviation parts and components. While the address is Fayetteville, the company is actually
located in Johnson. The company plans to expand to a facility on the airport in which to
continue to perform manufacturing and fabrication of aviation parts and to enter into the
large aircraft inspection and repair and potentially new aircraft and parts manufacturing.
DISCUSSION: Maynard, Incorporated plans to increase employment by up to 100 new
employees over the next five years. The company has outgrown its current facility on Van
Asche west of I-540. Total investment if all current plans are completed could be up to $12.5
million.
BUDGET IMPACT: None.
Attachments: Staff Review Form
Tax Back Resolution
Aviation and Economic Development Department
Fayetteville Municipal Airport, Drake Field
4500 South School Avenue, Suite F
Fayetteville, Arkansas 72701
Ray M. Boudreaux, Director
RESOLUTION No.
A RESOLUTION CERTIFYING LOCAL GOVERNMENT ENDORSEMENT
OF BUSINESS TO PARTICIPATE IN THE TAX BACK PROGRAM (THE
CONSOLIDATED INCENTIVE ACT OF 2003, SECTION 15-4-2706(D)).
WHEREAS, the local government 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, the local government must authorize the refund of local sales and use tax as
provided in the Consolidated Incentive Act of 2003; and
WHEREAS, said endorsement must be made on specific form available from the
Arkansas Department of Economic Development; and.
WHEREAS, Maynard, Inc., located at 1324 W. Van Asche Drive, Fayetteville, Arkansas
has sought to participate in the program and more specifically has requested benefits accruing
from expansion and construction of a new aviation manufacturing and assembly facility at
Fayetteville Municipal Airport, Drake Field; and
WHEREAS, Maynard, Inc 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, Arkanassh•teb endorses
Maynard, Inc. for benefits from the refunds/tax credits as provided 'n�the n olida et 1 Incentive
Act of 2003, Section 15-4-2706(d). 11
Section 2. That the City Council of the Cityeof Fayetteville, Arkadsas herebyauthorizes
the Department of Finance and Administration tore�fund local stlaslan&use taxeltto Maynard,
Inc.
PASSED and APAP
APPROVED
By:
DAN COODt?NlaydirL SONDRA SMITH, City Clerk/Treasurer
i (3.13.67) Clarice Pearman - Res 39-07
Page 1
From:
To:
Date:
Subject:
Attachments:
CC:
Ray:
Attached is a copy
needed.
Thanks.
Clarice
Clarice Pearman
Boudreaux, Ray
3.13.07 3:52 PM
Res 39-07
39-07 Maynard Inc -Tax Back Program.pdf
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Audit
of the above resolution passed by City Council, March 6, 2007. Please let me know if anything else Is
Clarice Buffalohead-Pearman, CMC
city Clerk/Treasurer Division
113 West Mountain
Fayetteville, AR 72701
479-575-8309
cpearman@ci.fayetteville.ar.us
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