BENTONVILLE -- The City Council agreed to support Orchestra Works' establishment in Bentonville as its services align with target sectors identified in the city's economic development plan.
Orchestra Works is a digital media and retail technology company.
Digital media and retail technology are two of the seven target sector opportunities identified in the Bentonville Blueprint, an economic development plan. It was created by Boyette Strategic Advisors and adopted by the council in January.
The City Council adopted a resolution Tuesday that "supports the location, startup and expansion of Orchestra Works ... fostering the implementation of the Bentonville Blueprint."
"The city could have said we support the relocation of the business whether it was in the Blueprint or not, based on the job creation," Brian Bahr, economic development manager, said.
Digital media is a target sector for Bentonville and Northwest Arkansas, he said.
The resolution will allow the company to take advantage of the Arkansas Economic Development Commission's Equity Investment Tax Credit program.
"We're just allowing that entrepreneur to take full utilization of Arkansas law," Mayor Bob McCaslin said after Tuesday's meeting. "The law does require that the municipality in which they're located validate their existence through resolution, and that's what we've done."
Tuesday's action has nothing to do with city taxes, he said.
The income tax credit is equal to 33 and 1/3 percent of the purchase price paid for the equity interest to the business, according to the Department of Finance and Administration website. The credit earned can be used to offset 50 percent of the investor's Arkansas income tax liability in any one tax year.
The business also must pay wages higher than the state or country average wage, according to the Arkansas Economic Development Commission website.
Orchestra Works LLC was filed with the Arkansas Secretary of State Office in February. Juan Camacho is the registered agent.
A message left with Ben Simon, business partner in Orchestra Works, late Wednesday afternoon wasn't returned.
NW News on 06/11/2015