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.
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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.