Advertisement

Jonesboro council to take up $100 million bond proposal

A proposal to provide up to $100 million in industrial development revenue bonds for a local...
A proposal to provide up to $100 million in industrial development revenue bonds for a local company will be on the agenda Tuesday for the Jonesboro City Council.(KAIT)
Published: Jul. 18, 2021 at 2:21 PM CDT
Email This Link
Share on Pinterest
Share on LinkedIn

JONESBORO, Ark. (KAIT) - A proposal to provide up to $100 million in industrial development revenue bonds for a local company will be on the agenda Tuesday for the Jonesboro City Council.

The council is scheduled to take up at its 5:30 p.m. meeting an ordinance to issue the bonds for Nestle’.

If approved, the bonds will be set to mature in 2051 and can be used for the “acquisition and installation of various machinery, equipment and other personal property” as well as paying the expenses of issuing the bonds.

A public meeting will be held just before the council meeting to discuss the issue.

The company announced back in December its plans to expand its Jonesboro plant.

The plan calls for nearly 100 new jobs to be created and the company will renovate and add 90,000-square feet to the company’s Jonesboro location.

Company officials also said at the time that once the expansion is done, the facility will add a production line to create Hot Pockets.

Right now, the company makes Stouffer’s, Lean Cuisine, DiGiornia and Tombstone pizza brands at the Jonesboro plant.

Copyright 2021 KAIT. All rights reserved.