(Memphis) It looks like International Paper is staying in Memphis.
Shelby County Commissioner Mike Ritz confirmed to News Channel 3 the county and company reached an incentives deal which should keep the Fortune 500 company in the city.
The deal includes a 15 year payment in lieu of taxes on new and existing buildings.
International Paper was in talks with DeDoto County about moving there if the Mississippi County could give it a better deal.
International Paper released this statement to WREG:
“ After many constructive discussions with Mayors Wharton and Luttrell, along with county commissioners and city council members, International Paper filed its application with the Industrial Development Board, seeking support to bring more jobs to Memphis and to build an additional 4th tower on or near our Poplar Avenue complex. We have always said that staying in Memphis and Shelby County was our preference, and we are hopeful that the IDB will approve our application. We think this could be a win-win for Memphis, Shelby County, and for International Paper employees”