LITTLE ROCK — The Arkansas Economic Development Commission has delivered a package of documents to the Legislature on the proposed $1.1 billion Big River Steel mill in Osceola.
The developers want the Legislature to borrow $125 million and give $75 million of it to the company to help build the mill. Thursday's delivery starts a 20-day period in which legislators have to vote on the deal.
This is the first time a voter-approved superproject law is being used. It allows the Legislature to borrow money to help land a major employer. The measure passed in 2004 after Arkansas lost a Toyota truck plant to Texas.
Mill developers say 2,000 construction workers would be needed to build the mill, which promises to employ more than 500 people. They're to earn $75,000 per year.