The Little Rock Board of Directors has approved the issuance of up to $35 million in industrial revenue bonds to benefit a manufacturing company that plans to add 90 jobs at the Port of Little Rock over the next two years.
HMS Manufacturing Co. announced in October that it will produce and distribute products from an existing warehouse facility at the port.
Arkansas law allows municipalities to issue industrial revenue bonds to benefit private companies and provide eligible businesses with competitive financing options for property, plant and equipment expenses.
If the company uses industrial revenue bonds to finance real and personal property, there are potential property tax abatements during the life of the bond.
The eight members of the city board who were present at Tuesday's regular meeting approved the bond issue unanimously without much discussion.
Mayor Frank Scott Jr. said he was appreciative of the company bringing the jobs, as did at-large City Director Joan Adcock.
"It's such a good thing," Adcock said.
HMS Manufacturing Co. is a global manufacturer of houseware products.
Metro on 11/20/2019