GENTRY — McKee Foods Corporation’s Gentry Plant received a $357,885.92 check from the Arkansas Economic Development Commission on April 13 for thriving participation in the Create Rebate program.
The Create Rebate program enables Arkansas to compete with other states’ incentives and may only be offered at the discretion of the AEDC Director. The program provides annual cash payments to eligible companies based upon a percentage of their annual payroll for the term of the agreement.
The check, presented by state representatives Mary Slinkard, Jonathan Barnett and Tim Summers, and by Justin Smith, regional manager of AEDC Business Retention andExpansion, represents a payroll rebate to McKee Foods in response to the company’s job-creation efforts.
In an agreement signed May 15, 2002, McKee Foods had a two-year period to create 100 new jobs in support of the state and local economies. A two-year extension was requested and granted to the company. In exchange, the AEDC agreed to “rebate” the lesser of 3.9 percent of the net new employees’ wages, or $3,800,000. McKee Foods met the 100-job requirement in March 2005. Additional extensions further changed the scope of the program, and through the tax year ending December 2008, McKee Foods Gentry Plant is credited with creating over 440 jobs, bringing the rebate amount received to date over $1.4 million.
About McKee Foods Corporation
Founded in 1934 by O.D. and Ruth McKee, McKee Foods Corporation has grown to become America’s leading family-owned snack cake bakery. McKee Foods offers over 160 varieties of Little Debbie and 26 varieties of Sunbelt products that are sold in all 50 states, Canada, Puerto Rico and Mexico. The company is headquartered in Collegedale, Tenn., and has production facilities in Gentry, Ark., and Stuarts Draft, Va. McKee Foods also owns the Collegedale-based subsidiary Blue Planet Foods, manufacturer of high-quality granola products, including Heartland cereals and pie shells. For more information, visit the McKee Foods Corporation website at www.mckeefoods.com.
News, Pages 3 on 04/21/2010