Editor’s Note: “The Economic Development Side” originally appears in the Pine Bluff Regional Chamber of Commerce’s weekly member e-newsletter. It is written by Rhonda Dishner, the Economic Development Alliance’s executive assistant.
L&R Distributors Inc., one of the first companies approved for local economic development sales tax incentive funds by the Economic Development Corp. of Jefferson County, has officially fulfilled the terms of its installment contract with the corporation.
While in Pine Bluff visiting local operations, the company’s corporate controller, Edward Musantry, signed the release documents on May 23 at the Economic Development Alliance, which serves as the corporation’s services administrator.
Brooklyn, NY-based L&R has operated a large distribution center in Pine Bluff since it purchased the former SAJ Distributors facilities in late 2012. A few months after the purchase, L&R signed its installment contract with the corporation, also known as the county tax board.
Under terms of the five-year contract, L&R agreed to create a total of 200 full-time permanent jobs for which credits would be given annually against the purchase price for equipment in the amount of $500,000. The equipment, including rolling stock (several tractor-trailer rigs), was purchased by the tax board, which has retained possession of the vehicle titles until such time as L&R meets the employee headcount of the agreement.
L&R subsequently was given a one-year extension to meet its employment numbers.
After a review of the latest employee data submitted by L&R in March, the tax board last month recognized that the company had now fulfilled its obligation and the board approved release of the liens securing its position.
In congratulating Musantry on L&R’s contract completion, Alliance President Lou Ann Nisbett also followed up with information about additional incentive funds that could be available for future expansions or equipment needs.