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RESOLUTION TO SET A POLICY THAT COMPANIES, PRIOR TO ASKING FOR THE APPROVAL OF THE CITY COUNCIL FOR ACT 9 BOND ISSUES TO MEET WITH A JOINT COMMITTEE COMPOSED OF THE INDUSTRIAL COMMITTEE OF THE CHAMBER OF COMMERCE, AND THE MAYOR OF JONESBORO.
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BE IT RESOLVED, that it shall be the policy of the City of Jonesboro to require companies, prior to asking for the approval of the City Council of Jonesboro for Act 9 Bond Issues, to meet with a joint committee composed of the Industrial Committee of the Jonesboro City Council, the Industrial Committee of the Chamber of Commerce, and the Mayor of Jonesboro, for the purpose of determining if and for what amount an agreement for payments in lieu of taxed may be signed.
A recommendation will be made by this joint committee based on a majority vote of those committee members present to the Jonesboro City Council for considerations,
It is hoped that an agreement for payment in lieu of taxes shall normally be equal to normally assessed taxes and shall be received by the City of Jonesboro and dispersed to the various taxing bodies in proportion to the respective Millage levied, and that the Department of Finance and Administration shall administer the collection and disbursement of these funds.
PASSED and ADOPTED this 6th day of October, 1975.