Arkansas Business: Incentives to keep Falcon Jet and save jobs

    6:37 AM, May 30, 2013   |    comments
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    LITTLE ROCK, Ark. (Arkansas Business) -- Stocks back off Tuesday's new highs and end lower on Wednesday.

    Dassault Falcon Jet Expansion set to begin next year

    Here in Arkansas, expansion on the horizon at Dassault Falcon Jet's Little Rock completions center at the Clinton National Airport.

    The French company held an event Wednesday to announce a $60 million expansion that will build a new hangar and refurbish existing facilities.

    Construction on the project is set to begin next year and will be finished by 2016.

    In the end, the company will add 250,000 square feet to existing operation, bring its total footprint at the airport to 1.25 million square feet.

    Falcon Jet has been in Little Rock since 1975. It installs custom avionics and interiors in the business jets it manufacturers elsewhere.

    Incentives to keep Falcon Jet and save jobs

    Arkansas is kicking in incentives to keep the plant in Little Rock and save 400 jobs. Those incentives include cash rebates based on payroll for 10 years, sales tax refunds on building materials, and $2 million in cash from the governor's quick action closing fund.

    The airport itself is kicking in some $43 million, mainly in the form of rent credits.

    The latest on Arkansas' housing market

    Also Wednesday, the latest on Arkansas' housing market was released.

    The Arkansas Realtors Association reporting home sales in April rose 13.6 percent from the same time last year, that's the largest year-over-year increase since February 2012.

    According to the report, more than 2,200 homes sold in the 43-county area surveyed by the association. That compares to more than 1,900 sold in April 2012.

    In February 2012, the last big year-over-year increase, the association reported 1,600 homes sold, up 15 percent from February 2011.

    New Exec. Director of Ark. Assoc. of Two-Year Colleges

    And finally, Bill Stovall, a former Arkansas Speaker of the House, has been named the next executive director of the Arkansas Association of Two-Year Colleges.

    Stovall will take over Oct. 1, succeeding Ed Franklin, who is retiring.

    Stovall was elected to the state House of Representatives in 2001. He was speaker from 2005 to 2006.

    The Association of Two-Year Colleges is a nonprofit that advocates for the Arkansas' 22 two-year colleges.

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