1985-11-01-R - Laserfiche WebLink

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MEMORANDUM OF INTENT This MEMORANDUM OF INTENT is between the CITY OF BATESVILLE, ARKANSAS, party of the first part (hereinafter referred to as the "Municipality" ) , and ROBINTECH INCORPORATED, a Pennsylvania corporation, party of the second part (hereinafter referred to as the "Company" ) . IN CONSIDERATION of the undertakings of the parties set forth herein and the benefits to be derived therefrom and of other good and valuable considerations, receipt of which is hereby acknowledged by the parties, the Municipality and the Company AGREE: 1 . Preliminary Statement. ( a) The Municipality is a duly organized and existing city of the first class under the laws of the State of Arkansas and is authorized by the laws of the State of Arkansas, including particularly Act No . 9 of the First Extraordinary Session of the Sixty-Second General Assembly of the State of Arkansas, approved January 21, 1960, as amended ( "Act 9" ) , to issue revenue bonds for financing the costs of acquiring, constructing and equipping industrial facilities ( as defined in and authorized by Act 9 ) and to lease, sell and/or make loans to finance the same for such rentals and payments and upon such terms and conditions as the Municipality deems advisable. (b) In order to secure and develop industry which will furnish substantial employment and payrolls ( in furtherance of the public purpose of Act 9) , the Company proposes to acquire land, building, renovate the building and purchase equipment for the manufacturing of plastic signs and sheet metal parts, including, but not limited to, illuminated outdoor and indoor identification signs, information display systems and architectural signs at the former Arkansas Technical Industries, Inc . building located on Highway 394 in the City of Batesville, Arkansas (the "Industrial Facilities" ) . (c) The Company has determined that prior to commencement of acquisition, construction and equipment of the Industrial Facilities, it must obtain a commitment from the Municipality that it will issue revenue bonds under Act 9 as the company and the Municipality, upon advice of counsel, shall deem appropriate and make the proceeds available for the permanent financing of any part or all of the costs and expenses incurred in acquiring, constructing and equipping the Industrial Facilities.