Arkansas Business

The Arkansas Economic Development Commission has delivered to House and Senate leaders the letter of commitment signed by Big River Steel and the state with other documents related to the potential deal that would bring a $1.1 billion steel mill to Osceola.

AEDC spokesman Joe Holmes notified members of the media of the delivery to House Speaker Davy Carter and Senate Pro Tempore Michael Lamoureux at 12:45 Thursday afternoon. Per Amendment 82, the legislature has 20 days beginning Thursday to review the material, conduct a cost benefit analysis and vote to approve the project or not.

Legislative approval is needed to complete the deal that Big River says will bring 500-plus jobs at an average salary of $75,000 to an area of the Delta in desperate need of economic development. The deal would require the state to borrow $125 million and provide $75 million in grants to Big River.

Holmes said enabling legislation for Amendment 82 dictates that the information provided on Thursday "is not subject to public disclosure."