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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