04 April 2018 Special MINUTES OF THE VAN BUREN, ARKANSAS
SPECIAL CITY COUNCIL MEETING
HELD APRIL 30, 2018
A special called meeting of the City Council of the City of Van Buren, Arkansas met at
5:30 p.m., on Monday, April 30, 2018 at City Hall. The meeting was called to order by Mayor Freeman.
Council members present were Alderman Kneeland, Petty, Moore, Swaim, Wood and Sparkman. City
Clerk Treasurer Phyllis Thomas and City Attorney Candice Settle were present. This made a total of
nine (9) present. A quorum was declared.
The Mayor ordered spread upon the minutes, the `NOTICE OF SPECIAL MEETING
AND WAIVER OF REGULAR NOTICE OF AND CONSENT TO SPECIAL MEETING."
4
Mayor Freeman introduced Tim Allen, President of the Fort Smith Chamber, to speak
briefly on the economic impact of our potential partnership with Bekaert. Van Buren School
District Superintendent, Harold Jeffcoat, commented that they are thrilled to partner with our
community. Council Members Petty and Swaim both mentioned how integral Bekaert is to Van
Buren and our region.
4 On the agenda next was to consider A RESOLUTION OF INTENT TO ISSUE
INDUSTRIAL DEVELOPMENT REVENUE BONDS. The Clerk read the Resolution in its
entirety. Mayor Freeman asked if there was any discussion. There was none. Council Member
Swaim seconded by Council Member Petty moved that the Resolution be adopted. On the
Clerk's calling the roll, the following vote resulted: Ayes—Council Member Swaim, Wood,
Sparkman, Kneeland, Petty and Moore. Nays —None.
The Mayor thereupon declared the Resolution adopted and signed the Resolution, which
was attested by the City Clerk and impressed with the seal of the City.
THE RESOLUTION WAS GIVEN THE NUMBER 4-4-2018
RESOLUTION NO.4-'_gib/8
RESOLUTION OF INTENT TO ISSUE
INDUSTRIAL DEVELOPMENT REVENUE BONDS
WHEREAS,the City of Van Buren,Arkansas(the"City")is authorized by the laws of the
State of Arkansas,including particularly Title 14,Chapter 164,Subchapter 2 of the Arkansas Code
of 1987 Annotated(the"Act"),to issue revenue bonds for financing the costs of acquiring;
constructing and equipping industrial facilities;and
W aE-E'REAS,itis proposed that the City issue its revenue bonds underthe Actfor the purpose
of financing an industrial project located in the City(the"Project")for use by withers Corporation,
a Delaware corporation(the"Company"),and/or any affiliate designated by the Company;and
WHEREAS,the Project will generally consist of an approximately 100,000 square foot
expansion to the Company's existing facility borated at i 881 Bekaert Drive,Van Buren,Arkansas
72956,together with the acquisition and installation of various machinery,equipment and other.,
personal property,to be used for the manufacture of ACRS stranded wire;and
WEEREA S,in order to secure and develop'industry,in furtherance of the public purpose of
the Act,the City is willing to proceed with the issuance of the bonds as and when requested by the
Company,subject to compliance with all conditions set forth in the Act,
NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Van Buren,
Arkansas:
Sectron'. The City hereby states its intention to assist m the accomplishment of the
Project and at such time as it may be properly called upon to do so to issue its revenue bonds to
donne the same,subject to the following:
(a) It is estimated at this time that revenue bonds in the aeprornmare
principal amount of S16,000,000 will be issued to finance the Project However,the
City's commitment is to issue revenue bonds under the Act in such ammmt for
accomplishing all or any part of the Project whether that amount is more or less than
the above estimate.
ty The bonds will be special obligations of the City,and in no event will
they constitute an indebtedness for which the faith and credit of the City or any of its
revenues are pledged.
(c) The City will not he called upon to pay any costs or expenses induced
in connection with the authorization and issuance of the bonds,and all such costs and
expenses will be paid out of the proceeds of the bonds or by the Company.
Section 2. The Cite is informed and understands that the propenes comprising the
Project may be exempt from ad valorem'axes. In such arise,the City desires to enter into an
agreementwith the Company forpaymens n lieu of taxes.The:mount and other details concerning
such payments will be embodied in an appropriate agreement which is mutually acceptable to the
Company and the City.
Section 3. This Resolution shall be effective Immediately upon its passage.
PASSED:Apri130,2018.
•VED:
AT-inST: ,
•
City Clerk
(SEAL)
CERTIFICATE
The undersigned,City Clerk of the City of Van Buren,Arkansas,hereby dertides that the
foregoing is a true copy of a Resolunon duly passed ata special session of the City Council of the
City of Van Buren,Arkansas,held at the regular meeting place of the City Council at 530 o'clock
p.m.,on the 30th day of April,2018.The Resolution appears in the official minutes of the meeting
which are in my custody.
CEi.RIir_E1)this 30th day of April,2018.
City Cle k
(SEAL)
•
On the agenda next was to consider A RESOLUTION OF THE CITY OF VAN
BUREN, ARKANSAS CERTIFYING LOCAL GOVERNMENT ENDORSEMENT OF
BUSINESS TO PARTICIPATE IN THE TAX BACK PROGRAM (AS AUTHORIZED
BY SECTION 15-4-2706(d) OF THE CONSOLIDATED INCENTIVE ACT OF 2003). The
Clerk read the Resolution in its entirety. Mayor Freeman asked if there was any discussion.
There was none. Council Member Sparkman seconded by Council Member Moore moved that
the Resolution be adopted. On the Clerk's calling the roll, the following vote resulted: Ayes—
Council Member Swaim, Wood, Sparkman, Kneeland, Petty and Moore. Nays—None.
The Mayor thereupon declared the Resolution adopted and signed the Resolution, which
was attested by the City Clerk and impressed with the seal of the City.
THE RESOLUTION WAS GIVEN THE NUMBER 4-5-2018
CITY OF VAN BUREN,ARKANSAS
RESOLUTION NO. { -5 -2018
BE IT ENACTED BY THE CITY COUNCIL,FOR THE CITY OF VAN BUREN,
ARKANSAS,A RESOLUTION TO BE ENTITLED:
A RESOLUTION OF THE CITY OF VAN BUREN, ARKANSAS
CERILFYING LOCAL GOVERNMENT ENDORSEMENT OF BUSINESS
TO PARTICIPATE IN 1.11.E TAX BACK PROGRAM(AS AUTHORIZED
BY SECTION 15-4-2706(d)OF SHE CONSOLIDATED INCENTIVE ACT
OF 2003).
WHEREAS, in order to be considered for participation in the Tax Back Program,the local government
must endorse a business to participate in the Tax Back Program;and
WHEREAS, the local government must authorize the refund of local sales and use taxes as provided in
the Consolidated Incentive Act of 2003;and
WHEREAS, said endorsement must be made on specific form available from the Arkansas Economic
Development Commission;and
WHEREAS, Bekaert Corporation located at 1881 Belcaert Drive,Van Buren,Arkansas has souebt to
participate in the program and more specifically has requested benefits accruing from
construction and/or expansion of the specific facility;and
WHEREAS, Bekaert Corporation has agreed to furnish the local government all necessary information
for compliance.
NOW,1HEREFORE,BE IT RESOLVED BY IHL CITY COUNCIL OF LET CITY OF
VAN BUREN,ARKANSAS,THAT:
SECTION I: Bekaert Corporation is endorsed by the Van Buren City Council for benefits from the
sales&use tax refunds as provided by Section 15-4-2706(d)of the Consolidated
Incentive Act of 2003.
SECTION 2: The Department of Finance and Admini t-ation is authorized to refund local sales and use
taxes to Bekaert Corporation.
IN WITNESS WHEREOF,the City of Van Bure. Arkansas,by its City Council,did pass,
approve,and adopt,by a vote of!o for and 0 against, ezoing Resolution a.ts special meeting -
held on the 30's of April 2018.
Robert D.Fye
Mayor
ATTESTED: APPR.V G re ORM:
Phyl is Thomas
City Clerk-'Treasurer City Attorney
Mayor Freeman noted that May's regularly scheduled council meeting will be moved up
one week to May 21, 2018 due to the Memorial Day holiday.
There being no further business, motion was made by Alderman Sparkman seconded by
Alderman Swaim to adjourn. The Council followed with a unanimous vote. The meeting
adjourned at 5:46 p.m.
ATTESTED: AP'ROVED:
491 1
1. _. � _
CIT CLERK-TREASURER
M. y