Osceola council OKs $2M Big River Steel grant
Apr 19, 2013 | 01:30 PM
| Catherine Ngai
NEW YORK The city of Osceola, Ark., has approved a $2-million incentive for Big River Steel LLC, marking the latest in a series of government-backed financing deals for the proposed flat-rolled steel project.
The Osceola City Council voted this past week on the financing commitment, a council spokesman told AMM, but funds are contingent on certain provisions being met, including the promise of 525 permanent jobs at wages of $75,000 per year.
The move comes on the heels of the Arkansas state legislature giving final approval for $125 million in bond financing to the $1.1-billion project, which is spearheaded by industry veteran John D. Correnti (amm.com, April 16). Last month, the Mississippi County Quorum Court also unanimously approved a conditional $14.5-million grant to the project (amm.com, March 27). ....
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