Aerojet Rocketdyne announced today that it would expand its East Camden facility, which already employs more than 800.
Giov. Asa Hutchinson said at a news conference that the plan would add 141 jobs paying an average annual salary of $55,000 over three years. He was joined by Eileen Drake, CEO of the company.
The company makes solid rocket motors for defense systems. Drake touted the company’s partnership of some 40 years with Arkansas. It will spend $44 million on the expansion.
The company will be provided a range of tax incentives, including cash from the governor’s economic fund and also a contribution from local governments. The rundown on corporate welfare, including a big cut in the local property tax, which primarily goes to public schools:
Create Rebate, 7 years (Payroll Rebate), performance-based
Tax Back (Sales and Use Tax Refund), performance-based
Governor’s quick action closing fund – $1.3M
The Ouachita Partnership for Economic Development (OPED) is offering the following incentives –
$126,900 Job Creation Incentives
$ 18,000 Recruitment Incentives
$ 2,000 Retention Incentives
$ 90,000 Training Incentives
$236,900 Total Offered Incentives
Calhoun County will participate in a PILOT (Payment In Lieu of Taxes) Agreement which will abate local property taxes by up to 65 percent.