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A RESOLUTION TO ACCEPT A QUICK ACTION CLOSING FUND GRANT FROM THE ARKANSAS ECONOMIC DEVELOPMENT COMMISSION TO UNDERTAKE ECONOMIC DEVELOPMENT PROJECTS WHICH SUPPORT PRIVATE SECTOR JOB CREATION OPPORTUNITIES
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Whereas, Nice-Pak Products, Inc has committed to locating a new manufacturing facility in Jonesboro which will result in an investment of $40,400,00 and jobs for 300 people; and
Whereas, Nice-Pak Products, Inc. has committed to invest $37,370,000 of its own working capital to fund this new facility; and
Whereas, the Arkansas Economic Development Commission has provided grant funding of $2,520,000 to the City of Jonesboro from the Quick Action Closing Fund provided by the State of Arkansas to fund improvements at this site that lead to job creation; and
Whereas, the City of Jonesboro agrees to provide matching funds in the amount of $350,000 for site preparation to secure this award; and
Whereas, Craighead County, Arkansas agrees to provide matching funds in the amount of $150,000 for site preparation to secure this award; and
Whereas, Jonesboro Unlimited agrees to provide matching funds in the amount of $10,000 for utility connections to secure this award.
Now therefore, be it resolved by the City Council of the City of Jonesboro that:
Section 1: The City of Jonesboro accepts the Quick Action Closing Fund Grant from the Arkansas Economic Development Commission in the amount of 2,520,000 to assist with job creation.
Section 2: The City of Jonesboro agrees to include an appropriation for matching funds in the amount of $350,000 in the 2009 budget.
Section 3: The Mayor and City Clerk are hereby authorized to execute and accept such documents as are necessary to effectuate this agreement.
PASSED AND ADOPTED this 2nd day of December, 2008.