The Economic Development Corporation of Jefferson County has forgiven an incentive payment from Twin Rivers LLC, according to a news release.
The forgiveness was acknowledged during the EDCJC board meeting Jan. 23. Twin Rivers Pine Bluff LLC, which produces unbleached Sack Kraft paper, entered into an agreement with the EDCJC in 2018 to offset costs of their manufacturing project, and satisfied the terms by maintaining 190 jobs and investing $19,498,255 in capital investments, according to the corporation.
The local incentive fund is a financial assistance program fueled by receipts from a 3/8-cent sales tax that Jefferson County voters approved in 2011 to promote economic development. That tax sunset in 2018.
“Its purpose is to help qualified businesses, currently in Jefferson County or looking to locate in Jefferson County, offset the costs of capital expansion projects, and create jobs in the county,” according to a news release. “The incentives contract is structured as a performance agreement with the number of full-time primary jobs created or retained, average wage, capital investment, and/or other specific performance measures.”
Use of the funds is governed by Section 14-175-101 of the Arkansas Code.