RES NO 01-06-2006 CITY OF VAN BUREN, ARKANSAS
RESOLUTION NO. l' I -2006
A RESOLUTION COMMITINC FUNDS FOR INFRASTRUCTURE IMPROVEMENTS.
WHEREAS, The City of Van Buren understands that a business is considering
establishing its operation in the Fort Smith -Van Buren area, specifically at
a site in Van Buren, and that the business is expected to create initially
five hundred new jobs that would be available for area residents; and
WHEREAS, The City understands that the location of the business in Van Buren is
predicated upon the provision of certain tax incentives by the State of
Arkansas and infrastructure improvements and other support by local
entities; and
WHEREAS, The City is being asked to participate in the cost of infrastructure
improvements tentatively identified by the business as needed to support
its location and operation, up to the amount of $250,000.00 in cost; and
'WHEREAS, The City recognizes the importance of economic development and the
creation of new jobs and private investment in the city and immediate
region and understands that its participation and support of the new
business's location in Van I3uren is an essential part of achieving this as it
relates to this business.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
VAN BUREN, ARKANSAS:
SECTION 1: That the City Council of the City of Van I3uren hereby commits up to
$250,000.00 in city funds for the purpose of funding the costs of
infrastructure improvements that are necessary for the location and
operation of the neck business in Van Buren, which are still to be
determined in detail, with the understanding that the City's funding of any
improvements must be consistent with and allowable under State law and
local ordinances, upon which its ultimate approval of expenditures at a
later time will be predicated.
PASSED AND APPROVED THIS g DAY OF .JANUARY, 2006.
MAYOR JOHN RI
ATTIC TED:
CITY CLERK /TREASURER