Big River Steel Bills Ready for Next Step in Legislature

by Lance Turner  on Tuesday, Mar. 12, 2013 11:40 am  

The proposed site of the $1.1 billion Big River Steel plant in northeast Arkansas.

Additionally, Global Insight examined the steel market, the project’s economic incentives and the project’s long-term profitability.

The governor, AEDC and the Arkansas Teacher Retirement System, which is investing $60 million in the plant, presented parts of their own study during question and answer sessions with the House and Senate last month.

During those meetings, AEDC officials expressed confidence that Correnti and his team could build the plant and have it producing steel at the necessary capacity to repay what it will owe the state.

John Shelnutt, the state’s economic forecast, said during a meeting with the Senate that he’s projected the state’s investment in the plant will break even in four to six years.

Once the Legislature has completed its analysis, a bill or bills for the incentives will enter the legislative process.

Last week, the Mississippi County Planning and Development Commission approved $14.5 million in funding for the project, paid for by the county’s economic development tax. The deal still requires approval from the county’s finance committee and full quorum court, which could vote on the deal on March 26.

Big River Bills

Here are some of the bills dealing with the Big River Steel project:

 

 

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