The German based manufacturer, Beckmann Volmer, is set to open its new $10 million dollar facility located in Osceola, Arkansas next spring. The Company manufactures steel components for the wind turbine industry. Beckmann estimates that 300 permanent jobs will be created at the site when the facility becomes fully operational. A strategic partnership between the State of Arkansas, City of Osceola, Mississippi County, and New Market Tax Credit financing from Heartland Renaissance Fund LLC enabled the facility to be located to Northeast Arkansas. A consultant on the site selection, Florian A. Stamm at Smith Gambrell & Russell LLP of Atlanta, said Arkansas had the business elements Beckmann Volmer was seeking. “Qualified workforce, transportation costs and a pro-business environment were leading criteria in identifying east Arkansas as location for the investment,” Stamm said. The New Markets Tax Credit (NMTC) Program was established in 2000 as part of the Community Renewal Tax Relief Act. The goal of the program is to spur revitalization efforts of low-income and other communities underserved by traditional capital across the United States and Territories. The NMTC Program provides tax credit incentives to investors for equity investments in certified Community Development Entities, such as Heartland Renaissance, which invest in low-income communities and projects.
