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Fri August 30, 2013
Nordex Will Pay Back $2.5 Million in Incentives For Wind Turbine Plant
Nordex has reached an agreement with the state of Arkansas and the city of Jonesboro to repay more than $2.5 million in grants it received to build its wind turbine manufacturing plant.
Joe Holmes with the Arkansas Economic Development Commission says the deal comes after the company announced earlier this year it would stop production at its Jonesboro plant and would not be able to meet promised employment goals.
"If [companies] do not meet the agreed upon number of jobs, there are formulas to help us recoup some of the money. We've had some clawbacks, but this is the largest one so far," says Holmes.
A total of almost $4 million of the Governor’s Quick Action Fund was originally paid out for the project.
Nordex still has a facility in Jonesboro, but it will not be employing anywhere near the number of people the company had said it would.