Vote Today to Determine Extension of Ash Grove Cement Bonds

04From Staff Reports

On Nov. 21 at 10 a.m., a meeting and following vote will decide whether or not the Ash Grove Cement Act 9 bonds will extend beyond the 10-year abatement to an additional 15 years.

Several representatives from Ash Grove Cement attended the Nov. 12 Little River County Quorum Court meeting to discuss the extension, and Jill Grimsley, an attorney from the Mitchell Williams law firm, explained that this extension of 15 years would help keep businesses and jobs in Arkansas.

Grimsley said that these bonds are different from the bonds recently passed to fund the new Little River County jail, but the annual tax will still increase from what it was a year ago.

Mark Meads, director of taxation at Ash Grove Cement, said the abatement will start at approximately 65 percent and then decrease, and as the plant depreciates, revenues will increase by about 2.5 percent each year.

The new agreement would also include an additional donation to the Foreman School District, which Superintendent Pat Tankersley has approved.

 

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