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Story Archives: No formal agreement exists between Ferriday, Wal-Mart
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No formal agreement exists between Ferriday, Wal-Mart
There is no formal agreement between the Town of Ferriday and Wal-Mart concerning an annual payment to offset sales tax losses the town experienced when the company shut down its operation here.
Ferriday Mayor Glen McGlothin said Wal-Mart officials informed him Monday "that there was simply a good faith pledge" that could be stopped completely if economic conditions dictate.
Last year, Wal-Mart sent the town a check for $300,000, which was thought to be the first of 10 annual payments in that amount. The annual funding was announced last year by former Mayor Gene Allen as a plan by Wal-Mart to help offset sales tax losses to the town when Wal-Mart shut down its operations in Ferriday and later opened a new store in Vidalia.
But McGlothin said Monday, after discussions with company officials, that Wal-Mart's payments will decrease by 10 percent annually over the next 10 years. |
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