Fort Smith approves $110M bonds for Mars PetCare
The Fort Smith Board of Directors unanimously approved an ordinance authorizing the issuance of up to $110 million in industrial development revenue bonds for the purpose of providing financing for industrial facilities on behalf Mars Petcare US Inc.
This is an economic development incentive allowed by the state. The city issued an ordinance concerning the tax back program for the project in March 2017. The ordinance will allow the company to pay 50% of the normal property tax over a period of 10 years, he said.