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RESOLUTION NO. 2024-_ z3 ,
A RESOLUTION CONFIRMING THE CITY'S INTENT TO ISSUE BONDS FOR THE
PURPOSE OF ASSISTING IN THE FINANCING OF TOURISM'ATTRACTIONS
AND FACILITIES WITHIN WEST MEMPHIS, ARKANSAS, TO BE LEASED TO
_ BUC-EE'S WEST MEMPHIS, LLC, PURSUANT TO THE AUTHORITY OF THE
LAWS OF THE STATE OF ARKANSAS, INCLUDING PARTICULARLY
AMENDMENT 65 TO THE ARKANSAS CONSTITUTION AND THE
MUNICIPALITIES AND COUNTIES INDUSTRIAL DEVELOPMENT REVENUE
• BOND LAW;AND FOR OTHER PURPOSES.
WHEREAS, the City of West Memphis, Arkansas (the "City") is authorized under the
provisions of Amendment 65 to the Arkansas Constitution and the Municipalities and Counties
Industrial Development Revenue Bond Law, Ark. Code Ann. §§ 14-164-201 et seq. (the"Act"), to
own, acquire, construct, equip, and lease facilities to secure and develop industry, including
tourism attractions and facilities, and to assist in the financing thereof by the issuance of bonds
payable from the revenues derived from such•facilities; and
WHEREAS, Buc-ee's West Memphis, LLC (the "Company") has evidenced its interest in
the development of a tourism attractions and facilities project (the "Project") which may include,
but is not limited to, the acquisition of land, construction of buildings, infrastructure and
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improvements, and acquisition and installation of equipment related to the operation of a tourism
attraction and facility and other office, storage, business operations, and warehousing activities
that are supportive of or ancillary to such operations to be located in West Memphis, Arkansas;
and
WHEREAS, the City desires to evidence its support of the Project; and •
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WHEREAS, in order to secure and develop industry within the City, the City is willing to
aid in the financing of the Project under the provisions of the Act and to grant tax abatement for
eligible portions of the Project.
NOW, THEREFORE, BE`IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
WEST MEMPHIS, ARKANSAS that: .
Section 1.The City desires to facilitate the' acquisition, constructing, and equipping of
Project and to have a portion of the;costs of the Project financed from the proceeds of revenue
bonds of the City (the "Bonds") to be issued pursuant to the Act. The City hereby states•its
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• RECEIVED, - .
Clerk' O. ce
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intention to assist in the accomplishment of the Project and, at such time as it may be properly
called upon to do so, to issue its Bonds to finance a portion of the costs of the Project.
Section 2.The City recognizes and confirms that under the Arkansas Constitution and
decisions of the Supreme Court of Arkansas and in accordance with Ark. Code Ann. §§ 14-164-
701 et seq., the Project may be exempt from ad valorem taxation, and it is the City's intent that a
portion of the Project will be exempt from ad valorem taxation. The City confirms its intent to enter
into an Agreement for Payments in Lieu of Taxes ("PILOT Agreement") with the Company,
providing for payments in lieu of a portion of the ad valorem taxes that would otherwise be levied
by local public bodies with taxing authority on the Project. It is currently anticipated that the PILOT
Agreement would require the payment of an amount equal to 35% of the amount which would
otherwise be payable as ad valorem taxes with a term of thirty (30) years.
Section 3.The final form of and terms of the PILOT Agreement shall be considered for
approval by the City Council after the holding of a public hearing and compliance with the statutory
notice requirements of Ark. Code Ann. §§ 14-164-701 et seq. at or prior to the meeting of the City
Council at which the ordinance authorizing the issuance of the Bonds is considered for approval.
The Bonds will be special obligations of the City and, in no event, .will they constitute an
indebtedness for which the faith and credit of the City or any of its revenues are pledged.
Section 4. This Resolution shall be in full force and effect from and after its adoption.
Section 5.All resolutions of the City in conflict herewith are hereby repealed to the extent
of such conflict.
PASSED and APPROVED this 29th day of October, 2024.
ATTEST: APPROVED:
City Clerk ayor
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