The Fort Smith Board of Directors unanimously approved an ordinance authorizing the issuance of up to $110 million in industrial development revenue bonds for the purpose of providing financing for industrial facilities on behalf Mars Petcare US Inc.
This is an economic development incentive allowed by the state. The city issued an ordinance concerning the tax back program for the project in March 2017. The ordinance will allow the company to pay 50% of the normal property tax over a period of 10 years, he said.
Over the course of four years, Fort Smith, a Class I city, has prioritized wellness and fitness and has spearheaded a fight against pressing health issues.
The Fort Smith Board of Directors, in collaboration with a number of nonprofits that includes Fort Chaffee Redevelopment Authority and 64.6 Downtown, formed objectives that have current and long-term value for the community.
The Fort Chaffee Redevelopment Board agreed to give 68 acres at Chaffee Crossing to the Arkansas Colleges of Health Education for trails to aid in the wellbeing of students and the community.
Mars PetCare, a long-standing industrial neighbor in Chaffee Crosisng, has been approved for $110 million in tax bonds through the City of Fort Smith.