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A RESOLUTION AUTHORIZING THE ENTRY INTO A MEMORANDUM OF UNDERSTANDING WITH THE CITY OF JONESBORO, ARKANSAS ADVERTISING AND PROMOTION COMMISSION AND ACKNOWLEDGING THE CITY’S SUPPORT FOR AND CONSENT TO THE DEVELOPMENT OF A SPORTS COMPLEX
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WHEREAS, the City of Jonesboro, Arkansas (the “City”) established the City of Jonesboro, Arkansas Advertising and Promotion Commission (the “Commission”) and initially levied a tax of one percent upon the gross receipts or gross proceeds from the renting, leasing or otherwise furnishing of motel or hotel accommodations in the City pursuant to Ordinance No. 1361 which was adopted by the City Council on May 21, 1973, as amended from time to time, with the purpose of generating revenues for the advertising and promotion of the City and the development of a convention center;
WHEREAS, pursuant to Ordinance No. 21-046 adopted by the City Council on November 2, 2021, the City levied a two percent (2.00%) tax on the gross receipts from the sale of prepared foods in the City and directed the Commission to utilize these resources to develop public recreation facilities that would promote tourism within the City;
WHEREAS, the revenues from the above-described taxes (the “Taxes”) are deposited in the City of Jonesboro, Arkansas Advertising and Promotion Fund of the Commission;
WHEREAS, the Commission engaged with the local community to determine the wants and needs of the citizens of the City and designed and developed recreational and tourist facilities to be located in the City that includes, but is not limited to, an aquatic center, splash pad and outdoor aquatic facilities, basketball, volleyball and pickleball courts, synthetic turf fields, meeting rooms, community event spaces, offices, and a kitchen (collectively, the “Sports Complex Project”);
WHEREAS, the Commission requested that the City of Jonesboro, Arkansas Public Facilities Board (the “Board”) assist in financing a portion of the costs of designing, acquiring...
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