The Fort Smith Board of Directors Tuesday (Nov. 18) voted unanimously to approve a resolution regarding the issuance of $55 million in bonds for Dixie Consumer Products that will add 15 jobs to the Fort Smith economy.
According to Deputy City Administrator Jeff Dingman, the expansion of the facility will expand the company's printing presses as it grows its cup, plate and utensil manufacturing at its 4411 Midland Boulevard location across from Kay Rodgers Park. The jobs created as a result of the expansion will pay an average wage of $19 per hour, he added.
With the issuance of the bonds, Dingman said the city would not assume any responsibility for the debt, noting that the company would be entirely responsible for any debt repayments even in the case of default.
As part of the bonds package, Dingman said the company would see a 50% savings on property taxes following the issuance of the bonds.
In other business, the Board approved spending $275,894 for a public address system, shade structures and other materials related to the new Ben Geren Aquatics Center scheduled for opening by Memorial Day 2015.
According to Parks and Recreation Director Mike Alsup, the total is the city's half of the contracts and materials, adding that Sebastian County will provide funding in an equal amount. The total of the contracts is $551,788 split evenly between the governments.
The Board also met in executive session for more than one hour to conduct a performance review of City Administrator Ray Gosack. City Director Keith Lau, along with City Director George Catsavis, had requested the review. Being a personnel issue, Lau indicated he could not discuss the reasons for the review.