|
Incentives on agenda for Benton aldermen |
|
|
Tuesday, 12 August 2008 |
Would help both new and existing businesses in city
Resolutions authorizing certain economic incentives for new retail and industrial businesses locating in Benton, as well as existing businesses, will be voted on tonight by members of the Benton City Council.
The resolution notes that city leaders have determined that the city should actively support and pursue economic development in the city by providing incentives to attract new retail businesses.
According to the proposed resolution, retail businesses that will generate $2 million-$5 million will receive incentives up to $75,000; businesses generating $5 million-$10 million will receive incentives up to $150,000; and businesses generating greater than $10 million will receive incentives up to $300,000.
In addition, the resolution notes that the city is willing to expend money for any existing retail business inside the city’s corporate limits, which expands its facilities or business operations, adding projected annual retail sales.
The same level of incentives will be offered to these as will be offered to new businesses, the document states.
These incentives would be paid out over a three-year period.
Incentives planned for industrial businesses, both new and existing, would range from $50,000 to $300,000, depending on the projected annual full-time salaries.
Also on the council agenda tonight are proposed ordinances calling for annexation issues to be included on the Nov. 4 general election ballot.
The area involved are Arkansas 5 and Mulberry-Salem Road; Arkansas 5 and Longhills Road; and an area of Salem Road.
The council also plans to vote on an ordinance authorizing the mayor to adjust the 2008 budget to provide general fund employees with a 4 percent cost-of-living raises effective in January 2008.
Exempt form this will be employees who already have received 4 percent raises during the current budget year.
Other matters the council will consider tonight will include the following:
•An ordinance extending the moratorium on the construction of new outdoor commercial advertising signs within the city as well as the modification of existing outdoor commercial signs.
• An ordinance waiving competitive bidding and ratifying the purchase of a transformer from Arkansas Electric cooperative Corp. for the Benton utilities Electric Department.
•A resolution designating the Central Arkansas Planning and Development District, a nonprofit agency, as the grant administrator. for a wastewater improvement project in Christy Acres.
•Three ordinances accepting streets and utilities in Coldwater Creek, Phase 1B; Heritage Farms, Phase 14; and Gattinwoods, Phase 3.
The council’s regular meeting will begin at 7 p.m. in the council chambers at Benton Municipal Complex. Preceding this is a 6 p.m. agenda session in the mayor’s conference room.Resolutions authorizing certain economic incentives for new retail and industrial businesses locating in Benton, as well as existing businesses, will be voted on tonight by members of the Benton City Council.
The resolution notes that city leaders have determined that the city should actively support and pursue economic development in the city by providing incentives to attract new retail businesses.
According to the proposed resolution, retail businesses that will generate $2 million-$5 million will receive incentives up to $75,000; businesses generating $5 million-$10 million will receive incentives up to $150,000; and businesses generating greater than $10 million will receive incentives up to $300,000.
In addition, the resolution notes that the city is willing to expend money for any existing retail business inside the city’s corporate limits, which expands its facilities or business operations, adding projected annual retail sales.
The same level of incentives will be offered to these as will be offered to new businesses, the document states.
These incentives would be paid out over a three-year period.
Incentives planned for industrial businesses, both new and existing, would range from $50,000 to $300,000, depending on the projected annual full-time salaries.
Also on the council agenda tonight are proposed ordinances calling for annexation issues to be included on the Nov. 4 general election ballot.
The area involved are Arkansas 5 and Mulberry-Salem Road; Arkansas 5 and Longhills Road; and an area of Salem Road.
The council also plans to vote on an ordinance authorizing the mayor to adjust the 2008 budget to provide general fund employees with a 4 percent cost-of-living raises effective in January 2008.
Exempt form this will be employees who already have received 4 percent raises during the current budget year.
Other matters the council will consider tonight will include the following:
•An ordinance extending the moratorium on the construction of new outdoor commercial advertising signs within the city as well as the modification of existing outdoor commercial signs.
• An ordinance waiving competitive bidding and ratifying the purchase of a transformer from Arkansas Electric cooperative Corp. for the Benton utilities Electric Department.
•A resolution designating the Central Arkansas Planning and Development District, a nonprofit agency, as the grant administrator. for a wastewater improvement project in Christy Acres.
•Three ordinances accepting streets and utilities in Coldwater Creek, Phase 1B; Heritage Farms, Phase 14; and Gattinwoods, Phase 3.
The council’s regular meeting will begin at 7 p.m. in the council chambers at Benton Municipal Complex. Preceding this is a 6 p.m. agenda session in the mayor’s conference room.
|
Razorbacks
