SPRINGFIELD, Mass. - UPDATE: Boone County has been asked to award Chapter 100 bonds that involve a 50 percent tax break to American Outdoor Brands.
Since it was adopted in 2000, Boone County's Chapter 100 policy has allowed companies to receive tax breaks based on how much they plan to invest and how many jobs they will bring to the county.
Boone County Southern District Commissioner Fred Parry told ABC 17 News the Chapter 100 policy has had success in the past, but it may need to be revamped for the future.
"One of the things we'd like to add to the Chapter 100 policy is a corporate citizenship clause or a social responsibility clause that basically lays out what kind of corporate citizen the company will be in this community," Parry said.
The potential tax break for American Outdoor Brands is significantly less than the abatement given to Kraft Heinz and Aurora Dairy Farms. The first meeting with local taxing districts is Friday.
ORIGINAL: American Outdoor Brands Corporation, known for making Smith and Wesson guns, announced plans to potentially build a national distribution center in Boone County on Wednesday.
The company plans to invest $55 million with a goal of creating more than 300 jobs.
Amy Susan with the Department of Economic Development confirmed the Missouri Development Finance Board approved $1.5 million for the project through the BUILD Missouri Program. BUILD can provide financial incentives for the location or expansion of large business projects.
The company is also closely working with Regional Economic Development, Inc., and Boone County on the development of the project.
If everything goes according to plan and terms and conditions are met, American Outdoor Brands Corporation would break ground on a new 500,000 square foot facility in the next several months.
Construction could began as soon as this spring and would take about 18 months to complete. The company also said the center would serve as the central distribution facility for most of American Outdoor Brands’ products.
James Debney, President and CEO of American Outdoor Brands, said, “We continue to focus on our vision of being a leading provider of high quality products for the shooting, hunting, and rugged outdoor enthusiast. By executing our strategy and delivering growth organically and through targeted acquisitions, we have successfully grown to multiple operating divisions that serve a large addressable market and represent more than 18 respected consumer brands. Establishing a national distribution center will allow us, over time, to harvest synergies across our business. Our meetings with representatives of Missouri and Governor Greitens demonstrated that they are business-friendly and understand what we need as a company to be successful.”