HomeMy Public PortalAboutResolution #2017-36, The City Council Of The City Of Riverdale, Iowa, Approving The Application Of Arconic To The Iowa Economic Development Authority High Quality Jobs Program RESOLUTION NO. 2017-36
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RIVERDALE, IOWA,
APPROVING THE APPLICATION OF ARCONIC TO THE IOWA ECONOMIC
DEVELOPMENT AUTHORITY HIGH QUALITY JOBS PROGRAM
WHEREAS,the City of Riverdale has received a request by Arconic to approve and submit an
application to the State of Iowa for the High Quality Jobs Program.
WHEREAS,the programs were established to promote Economic Development and Job Creation
in the State of Iowa,and
WHEREAS,the City Council supports activities which promote and facilitate Economic
Development within Riverdale; and
WHEREAS,Arconic had indicated they will:
1. Create 30 new full-time positions and retain 250 existing positions.
2. Provide comprehensive health benefits to its employees.
3. Make a capital investment of approximately$162 million.
NOW,THEREFORE, BE IT RESOLVED by the City of Riverdale:
a. The Riverdale City Council approves the application of Arconic for the purpose of
receiving benefits from the High Quality Jobs Program.
b. Subject to all legal proceedings and Council action necessary under Iowa Code Chapter
403 and the negotiation of a detailed development agreement between the City and
Arconic,the Riverdale City Council approves the local match policy requirement of the
Iowa Economic Development Authority in the form of a rebate of 75%of the Tax
Increment generated by the new assessed value during a 17-year period(or the remaining
time term of the Tax Increment Financing District) in an amount not to exceed $3.5
million.
c. The Riverdale City Council authorizes the Mayor and City Administrator to take such
further actions as deemed necessary in order to carry into effect the provisions of this
Resolution. ,,,,,��
PASSED,APPROVED, AND ADOPTED this /LJ day of,. &'g he x2017.
Sonya Pad ck, Mayor
ATTEST:
41
Ronald Fullerlove,City Clerk
Prepared by EMT,QC Chamber/tdl, City of Riverdale, Iowa