InnovAsian/Nichirei industrial revenue bonds and PILOT agreement
Jonesboro
Summary
The city is being asked to issue up to $180 million in industrial revenue bonds that let a food processing company self-finance a new plant at Craighead Technology Park in exchange for a 30-year, 65% property tax abatement. Officials say it costs the city nothing directly, but the abatement means the schools and other taxing units get only 35% of what the improved property would otherwise pay.
At a glance
- Total mentions
- 4
- Last 30 days
- 0
Last discussed May 19, 2026.
Impact analysis
No direct city cost, but the county, Nettleton schools and other taxing units will collect only 35% of the property taxes on up to $180 million of investment for 30 years.
InnovAsian/Nichirei gets cheaper financing and a big tax break; the city gains a large new industrial employer and a jump in tax revenue over today's vacant land.
Local taxing units — especially the Nettleton School District — forgo 65% of property tax revenue on the improved property for three decades.
Mentions & discussions (4)
City Council — May 19, 2026
The city is issuing industrial development revenue bonds to help InnovAsian Cuisine build its project, paired with a payment-in-lieu-of-taxes agreement. A public hearing drew no comment. Final approval is expected quickly since the second reading was waived.
Finance & Administration Council Committee — May 12, 2026
The city is being asked to issue up to $180 million in industrial revenue bonds that let a food processing company self-finance a new plant at Craighead Technology Park in exchange for a 30-year, 65% property tax abatement. Officials say it costs the city nothing directly, but the abatement means the schools and other taxing units get only 35% of what the improved property would otherwise pay.
City Council — May 5, 2026
InnovAsian (through subsidiary Nichirei Global Foods) is building a 175,000-square-foot frozen food plant in Jonesboro with roughly 200 jobs. The council approved the bond-financing agreement that helps make it happen.
Finance & Administration Council Committee — April 28, 2026
Jonesboro is using its bond authority and a 30-year, 65% tax abatement to help land a $180 million frozen food plant projected to create 200 jobs averaging $22 an hour. The city faces no financial obligation if the company defaults — only the facility itself is collateral.
Related development
Industrial Development Revenue Bonds — InnovAsian
The PILOT deal means reduced taxes for the company in exchange for industrial development; final approval appears imminent.
InnovAsian/Nichirei Jonesboro Facility Industrial Development Revenue Bonds
Brings a major industrial investment of up to $180 million and a 175,000-square-foot facility to Jonesboro, though the tax abatement limits the property tax revenue it will generate.
InnovAsian industrial facility bond financing
Brings a major employer and up to $180 million of investment to Jonesboro, but the Nettleton School District and other taxing units will collect only 35% of the property taxes on it for 30 years.
Nichirei Global Foods / InnovAsian facility
Roughly 200 new jobs averaging $22 an hour, groundbreaking targeted for late August and full operation by early 2028.
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