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Minutes from the City Council meeting on November 5, 2001
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PUBLIC HEARING 6:10 P.M. - A public hearing was conducted regarding the adoption of an ordinance authorizing the issuance of not to exceed $225,000,000 principal amount of industrial development revenue bonds on application of Nestle USA - Prepared Foods Division, Inc. Dr. Richard Wang who resides at 101 University Drive, pointed out the industry would have no responsibility for real property tax. Mayor Brodell responded saying under a bond issue, industries pay in lieu of taxes, and the property remains in the name of the city until the bonds are paid off. Dr. Wang stated this was the third industry to use the ad valorem (in lieu of taxes) formula to locate in the Nettleton School District. He explained his daughter is a fourth grader in the Nettleton School District and expressed concern that the school district was not being provided for. Mayor Brodell requested Mr. Henry Jones, of the Chamber of Commerce to address Dr. Wang’s comments. Mr. Jones stated an agreement in lieu of taxes had been reached and signed by the Nettleton School Superintendent, Tax Assessor, Tax Collector, and other County and City Officials. Dr. Wang asked the terms of the agreement, and was told the school superintendent could provide a copy of the agreement. Dr. Wang explained he had requested a copy of the agreement, but had been denied until the City Council signs off on the bond issue. He stated the industries are placing an increased burden on the schools but paying very little.
PUBLIC HEARING 6:15 P.M. - A public hearing was conducted regarding the adoption of an ordinance authorizing the issuance of not to exceed $35,000,000 principal amount of industrial development revenue bonds on application of Millard Refrigerated Services. No opposition was voiced.
CITY COUNCIL MINUTES - November 5, 2001
The Jonesboro City Council met Monday, November 5, 2001, at 6:30 p.m. A full quorum was in attendance. Present were:...
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