Jonesboro council adopts $100M bond proposal

Published: Jul. 20, 2021 at 9:53 PM CDT|Updated: Jul. 20, 2021 at 9:54 PM CDT
Email This Link
Share on Pinterest
Share on LinkedIn

JONESBORO, Ark. (KAIT) - The Jonesboro City Council unanimously adopted an ordinance to provide $100 million in industrial revenue bonds for Nestle’s expansion project.

Nestle announced in December 2020 they would be adding 90,000 square feet to their facility and a hot pocket line, along with 100 jobs.

Jonesboro Mayor Harold Copenhaver says the ordinance did not go through a second or third reading because action needed to be taken promptly.

“When it comes to revenue bonds, they need to get the commitment earlier,” Mayor Copenhaver said. “They need to get the funding going so it is not a detriment to this community in any and all matter. It just allows them to process earlier start raising funds on the revenue bond request.”

The mayor adds taxpayer money would not be affected by the ordinance.

No one commented in opposition during the public hearing that was held before the city council meeting.

The bond would 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.

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

Copyright 2021 KAIT. All rights reserved.