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An ammunition manufacturer based in Delaware could be coming to Conway.
The city council will vote Tuesday night (Jan. 28) on a resolution to issue up to $250 million in taxable industrial development revenue bonds to assist in the financing of the acquisition, construction and equipping of a proposed facility at 1500 Lollie Road.
Jamie Gates, executive vice president of the Conway Area Chamber of Commerce, called this “a first, and common, step in the recruitment process.”
He declined to disclose the name of the manufacturer or a timeline for the project. He also said he couldn’t talk about how many jobs the company might create if the city’s recruitment process is successful.
“We’ll continue working with them in the coming weeks, and, should a project materialize, you’ll have a higher level of detail in the final ordinance,” he said. “This is just the resolution portion.”
He said the bonds are a means of financing certain industrial projects in Arkansas.
“This one falls in the manufacturing category, which is eligible for that variety of financing,” Gates said. “The benefit to the company is what is in essence a reduction in property tax for eligible, job-creating expenses. So this has to do with the property taxes on the real estate and eligible equipment for a job-creating project.”
Gates expects the council to approve the resolution.
In December, Canadian mass timber manufacturer Structurlam Mass Timber Corp. announced that it will expand into the United States with a plant in Conway that will service customers including Walmart Inc., which is building a new headquarters in Bentonville.