Ark. Gov. set to announce $1 billion business deal

LITTLE ROCK, Ark. (AP) - Gov. Mike Beebe is set to unveil his plan to bring a $1 billion business project to Arkansas.

The Democrat will announce the details of his much-anticipated "superproject" on Tuesday at 11 a.m. at the Capitol building.

Beebe has described the project as "1 of the biggest" Arkansas has ever seen. The state's top economic development official has said the project involves an "advanced manufacturing facility" that will attract a cluster of other businesses.

The Beebe administration is luring the company to Arkansas in part with a previously-unused funding mechanism that would let the state borrow up to $235 million to help cover the company's start-up costs. Arkansas lawmakers will have to sign off on that bond-financing under Amendment 82 of the state's constitution.

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