HomeMy WebLinkAbout2004-221-04.12.2004 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
Street, Waterloo, Iowa.
RESOLUTION NO. 2004-221
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF WATERLOO, IOWA, APPROVING THE APPLICATION
OF FERGUSON ENTERPRISES, INC. FOR THE
PURPOSE OF RECEIVING BENEFITS UNDER 2003
IOWA CODE SECTIONS 15 . 381-15 . 387 .
WHEREAS, the City of Waterloo, Iowa has received a request
by Ferguson Enterprises, Inc. to approve and submit an
application to the State of Iowa by the authority of Sections
15 . 381-15 . 387 of the 2003 Code of Iowa, the New Capital
Investment Program; and
WHEREAS, the New Capital Investment Program was established
to promote economic development in the State of Iowa; and
WHEREAS, the City Council supports activities which promote
and facilitate economic development within Waterloo; and
WHEREAS, Ferguson Enterprises, Inc . has indicated they
will :
1 . Provide comprehensive health insurance benefits
to its employees .
2 . Anticipate hiring 180 new positions of which
there will be at least 7 new positions that pay
an hourly wage of $13 . 58 per hour or greater.
3 . Make new qualifying capital investments eligible
for an investment and sales tax credits of at
least $21 million within the next three years .
4 . Make new qualifying investment eligible for a
sales tax rebate on racks, shelving, conveyors &
related equipment of at least $2 million within
the next three years .
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WATERLOO, IOWA, that :
a. The City of Waterloo, Iowa approves the
expansion of Ferguson Enterprises, Inc . in
Waterloo for purposes of receiving the
benefits of the New Capital Investment
Program.
b. The City Clerk shall provide a copy of this
r.esotuti.or to the Iowa Department of
Economic Development .
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pg on No. 2004-221
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o o s ti c . Officers of the City are hereby authorized
Cab� H to take such further actions as deemed
H H H necessary in order to carry into effect the
s � t7ocv provisions of this resolution.
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O H 1T, r7ti d. All resolutions and parts thereof in
• '-' y o • conflict herewith are hereby repealed to the
n H CO extent of such conflict .
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s H n ti e • That the provisions of this resolution are
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ct H o ,_..i • hereby declared to be separable and if any
c� s > cAi o section, provisionany
1-1 phrase or shall for
CD CD S • reason be declared to be invalid, such
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declaration shall not affect the validity of
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s the remainder of the sections, phrases and
n provisions hereof .
H O H f . This resolution shall become effective
immediately upon its passage and approval .
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SSED AND ADOPTED this 12th of April , 2004 .
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Tim Hurley, ayor
ATTEST:
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Nancy Eckert City Clerk