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RESOLUTION BY THE CITY COUNCIL OF THE CITY OF JONESBORO, ARKANSAS, FOR THE CITY OF JONESBORO TO ENTER INTO AN AGREEMENT WITH THE NORTHEAST ARKANSAS INDUSTRIAL DEVELOPMENT COMMISSION (NEAIDC) FOR FUNDING OF ECONOMIC DEVELOPMENT SERVICES
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WHEREAS, NAIDC was established under ORD-86:1557 to oversee the expenditure of public funds directed to industrial development and to promote economic development; and
WHEREAS, the City of Jonesboro appoints four members to the NAIDC of the total of seven; and
WHEREAS, the annually adopted budget for the City of Jonesboro currently includes funding for Industrial Development in the General-Outside Agencies Fund and for NEA Development in the Capital Improvements-Other/Annual Obligations Fund, for a combined total amount of $338,500; and
WHEREAS, no increase is proposed for year 2 of this agreement with the same allocation slated for inclusion in the 2026 budget; and
WHEREAS, the terms and conditions of services provided by the NAIDC are defined in the attached agreement.
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF JONESBORO, ARKANSAS, THAT:
The Mayor and City Clerk are hereby authorized to execute said agreement.