Ark. lawmakers approve $87M in Lockheed Martin incentives

Arkansas lawmakers approved an $87 million incentives package late last week designed to attract a military vehicle assembly plant to south Arkansas during a special session. Gov. Asa Hutchinson signed the deal into law Friday.

The plan calls for the state to issue bonds if defense contractor Lockheed Martin is awarded a contract to assemble a new tactical vehicle at its Camden, Ark., facility that would replace the Humvee.

State officials have estimated the $109 million project would create nearly 600 new jobs and help retain over 500 existing jobs at the Camden location. The bonds, which were estimated to cost $122 million through bond repayments, can’t be issued unless Lockheed wins the contract. Lockheed currently is competing against two other defense contractors, and the contract award is expected to be announced late this summer.

Read more from The Associated Press.