AEDC’s Grant Tennille: Safeguards Built Into Superproject

Last week’s big news that Arkansas landed a $1.1 billion steel mill superproject was the culmination of nearly a year’s worth of work, said Grant Tennille, director of the Arkansas Economic Development Commission (AEDC).

The state’s top jobs chief was a guest on this week’s TV and radio edition of Talk Business Arkansas. The Big River Steel Mill project, to be located near Osceola (Mississippi County), is expected to create 525 jobs averaging $75,000 a year.

The state will ask legislators to consider a $125 million bond issue to finance costs related to the project. This week, the Arkansas House and Senate will convene to hear presentations regarding the financing.

Tennille said that the state built safeguards into its economic incentives to protect taxpayer money needed to finance the large infrastructure related to the project.

Tennille also said that by the end of this year it is possible that another major jobs announcement will unfold.

“We’ve got one very large project that is pretty far down the road and I have a feeling that before the end of 2013 we’ll be back with another very large announcement,” Tennille said.

You can watch or listen to his full interview in the video below.