Title
AN ORDINANCE TO ACKNOWLEDGE THE EXECUTION AND DELIVERY OF AN ASSIGNMENT OF A LEASE AND AGREEMENT; PRESCRIBING MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY.
Body
WHEREAS, the City of Jonesboro, Arkansas by Ordinance 16-2007 enacted February 20, 2007, authorized and approved the $91,000.00 City of Jonesboro, Arkansas Industrial Development Revenue Bonds (Alberto-Culver USA, Inc. Project), Series 2007 (the "Bonds") for the construction of a manufacturing facility in the City (the "Facility");
WHEREAS, the Bonds were issued June 8, 2007 and in connection with the issuance of the Bonds, the City entered into a Lease and Agreement by and between the City and Alberto-Culver USA, Inc.
WHEREAS, the stock of Alberto-Culver has been sold to a subsidiary of Unilever United States, Inc. ("Unilever");
WHEREAS, Unilever wishes to assume the rights of Alberto-Culver under the terms of the Agreement.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF JONESBORO, ARKANSAS THAT:
SECTION 1: That the City Council makes the following findings and determinations:
(a) Unilever will be adding approximately 125 new jobs at the Facility.
(b) Unilever will be investing approximately $40,000,000 in the Facility.
(c) Unilever's presence in the City will be an important factor in the economic well-being and employment base for the City and its inhabitants.
SECTION 2: That the assignment of the Agreement from Alberto-Culver USA Inc. to a Unilever subsidiary (the "Assignment") in substantially the form submitted to this meeting as Exhibit A to this Ordinance is hereby acknowledged.
SECTION 3: That notice of the Assignment pursuant to the terms of the Agreement has been given to the City by letter dated February 17, 2012.
SECTION 4: That the provisions of this Ordinance are hereby declared to be severable, and if any section, phrase, or provision shall for any reason be declared to be invalid, such declaration shall not affect the validity of the remainder of the sections, phrases, or provisions.
SECTION 5: That all ordinances, resolutions, and parts thereof in conflict herewith are hereby repealed to the extent of such conflict.
SECTION 6: That there is hereby found an declared to be an immediate need for the securing and developing of additional substantial industrial operations in order to provide additional employment, alleviate unemployment, and otherwise benefit the public health, safety, and welfare of the City and the inhabitants thereof, and the acknowledgment of the Assignment and the taking of the other action authorized herein are immediately necessary in connection with the securing and developing of substantial industrial operations and deriving the public benefits referred to above. It is, therefore, declared than an emergency exists and this Ordinance, being necessary for the immediate preservation of the public health, safety, and welfare, shall be in force and take effect immediately upon and after its passage.
PASSED AND ADOPTED this 6th day of March, 2012.