Resolution No. 6806216
RESOLUTION NO. 6806
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CYPRESS,
SUPPORTING AMERICAN HONDA FINANCE CORPORATION'S
APPLICATION TO THE GOVERNOR'S OFFICE OF BUSINESS AND
ECONOMIC DEVELOPMENT'S CALIFORNIA COMPETES TAX CREDIT
PROGRAM
WHEREAS, the California Competes Tax Credit (CCTC) is a State income tax credit
available to businesses that want to locate in California or stay and grow in California; and
WHEREAS, businesses of any industry, size, or location compete for over $180
million available in tax credits by applying in one of the three application periods each year;
and
WHEREAS, applicants are analyzed based on twelve different factors of evaluation,
including number of full-time jobs being created, amount of investment, and strategic
importance to the state or region; and
WHEREAS, American Honda Finance Corporation (AHFC) has submitted a CCTC
application intended to enable AFHC to maintain its operations in California; and
WHEREAS, the State has advanced AHFC's application to Phase II of the award
process
WHEREAS, AHFC helps to satisfy the financing needs of consumers of Honda
products including automobiles, sport utility vehicles, minivans, motorcycles, powersport
products, marine engines and power equipment; and
WHEREAS, AHFC takes an active role as a citizen of the communities that it serves
by supporting important community initiatives; and
WHEREAS, American Honda Finance Corporation (AHFC) has been a corporate
resident in Cypress since 2000; and
WHEREAS, AHFC employs approximately 150 people in full-time, green jobs that
support Cypress' and Orange County's regional employment base and economic well-
being; and
WHEREAS, a CCTC award will help secure AHFC's presence and investment in
California and Cypress by addressing the high cost of doing business; and
WHEREAS, the City of Cypress regularly works with local, regional and state
partners to create a vibrant community of businesses and desires to retain AHFC in
Cypress.
NOW, THEREFORE, BE IT FURTHER RESOLVED that the City Council of the City
of Cypress does hereby enthusiastically support AHFC in its efforts to invest in, and remain
part of, California and encourages the Governor's Office of Business and Economic
Development to award a California Competes Tax Credit allocation to American Honda
Finance Corporation.
PASSED AND ADOPTED by the City Council of the City of Cypress, at a regular
meeting held on the 14th day of September, 2020.
MAYOR THE CITY OF CYPRESS
ATTEST:
CITY CL' " K OFTHE ITY OF CYPRESS
217
STATE OF CALIFORNIA }
COUNTY OF ORANGE } SS
I, ALISHA FARNELL, City Clerk of the City of Cypress, DO HEREBY CERTIFY that
the foregoing Resolution was duly adopted at a regular meeting of the said City Council held
on the 14th day of September, 2020, by the following roll call vote:
AYES: 5 COUNCIL MEMBERS: Berry, Morales, Peat, Yarc and Johnson
NOES: 0 COUNCIL MEMBERS: None
ABSENT: 0 COUNCIL MEMBERS: None
44AQ
CICLERK OF HE CITY OF CYPRESS