The Osceola City Council has unanimously approved the issuance of $1.5 billion in industrial revenue bonds for the planned Big River Steel mill.
The council approved the ordinance Monday night. Under the agreement, the city will take the title for the property then lease it back to Big River Steel for $1 a year.
According to the Blytheville Courier News, the agreement also calls for Big River Steel to pay 35 percent of regular millage taxes to the city annually for 20 years.
The company says a late June groundbreaking is expected for the plant. The steel mill is expected to employ more than 545 workers once it's fully operational.