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Editor/Founder: Bill Smith, Ph.D. [aka: OzarkGuru & 2010 AFP National Blogger of the Year]
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One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors. -- Plato (429-347 BC)

Monday, May 15, 2017

Chinese Tech Firm Gets $16 Million From State To Create 800 Jobs

by Caleb Taylor: A Chinese textile firm announced today that it plans to create approximately 800 new jobs in Forrest City.

Arkansas is offering Ruyi Technology Group approximately $15 million in state incentives for expanding its textile operation into Arkansas, according to an Arkansas Economic Development Commission (AEDC) spokesman. Gov. Asa Hutchinson said regarding the announcement:

Gov. Asa Hutchinson said regarding the announcement:

Ruyi’s decision to locate in Forrest City brings with it up to 800 new jobs along with a significant economic impact on Arkansas’ cotton farmers. Our business missions to China, along with ongoing work to build relationships with the country’s business leaders, have now resulted in three companies from China’s Shandong Province announcing plans to locate operations in Arkansas. From Sun Paper to Pet Won Pet Products to Ruyi, we have established the state as a leader in foreign direct investment from Asia.According to an AEDC spokesman, incentives the company will receive from taxpayers include:
  • Up to $4 million in grants from AEDC (this is dependent upon job creation)
  • Create Rebate – the company will receive an annual cash rebate that is equal to 5.0% of total payroll (associated with the new jobs created) for ten years.
  • Tax Back – provides sales tax refunds on building materials, taxable machinery and equipment associated with the project.
The spokesman also said Ruyi would receive $1 million in incentives from local government. Mike Preston, AEDC executive director, said during a press conference today that the total rebate amount would be approximately $11 million.

All in all, that means Ruyi is getting approximately $20,000 in incentives per job created. That’s not chump change, but it is much more cost-effective than previous economic development deals the state has been involved in.

The Sun Paper deal in Arkadelphia cost taxpayers about $62,000 in incentives per new job created. A proposed Lockheed Martin project in Camden will cost taxpayers about $145,000 in state incentives per job.

Ruyi is scheduled to begin operations in Forest City in late 2017.
--------------
Caleb Taylor is a reporter for The Arkansas Project ;an affiliate of the Advance Arkansas Institute, a nonprofit research and educational organization committed to advancing public policy based on free markets, individual liberty, and limited, transparent government.

Tags: Governors, Asa Hutchinson, Arkansas Legislature, Forest City, Arkansas, Chinese Tech Firm, $16 Million, taxpayer dollars, to create, 800 jobs, Caleb Taylor, The Arkansas Project To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service and "Like" Facebook Page - Thanks!
Posted by Bill Smith at 8:40 AM - Post Link

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