Nucor-Yamato seeks $115 million local bond issue | Arkansas Blog

Sunday, April 14, 2013

Nucor-Yamato seeks $115 million local bond issue

Posted By on Sun, Apr 14, 2013 at 8:45 AM

The Blytheville Courier News reports that Nucor-Yamato Steel is planning a $115 million expansion to produce a new type of steel product. It would create 10 to 15 jobs.

It wants the city to issue $115 million in Act 9 bonds for the project. Typically under Act 9 bonds, a government owns a property until the bonds are paid off. The bonds enjoy tax-free status and thus carry lower interest rates on the borrowing. Also, the property doesn't go on local tax rolls, though businesses sometimes make payments in lieu of taxes.

No mention in the story relative to Nucor's recent opposition to the big state subsidy package for a startup competitor, Big River Steel, in Mississippi County.

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