Ferriday receives $240K check from Walmart
FERRIDAY — The check came.
The Town of Ferriday recently received a $240,000 check from Walmart, making good on a promise the company made that it would give the town supplemental revenue for 10 years to make up for lost sales tax revenue.
The check is the third installment of 10, and Mayor Glen McGlothin said every year the amount would be a little smaller, until the amount eventually was reduced to nothing.
The total amount the town will receive by the end of the 10-year period will be $1.5 million, McGlothin said.
The check for next year will be $210,000, and the year after that it will be $190,000.
The money the town received this year will all be used as matching funds for grants to build a new water plant, McGlothin said.
“When we have the closing, we have to have that (matching fund) money,” he said. “We hope to close this very soon.”
The project McGlothin said the Walmart funds will be used to match is a $7 million project, but he said he hopes this will be the end of using the Walmart money to address water problems. The Walmart money was spent on the water plant last year.
“I am hoping to be through with all the water stuff, and we can take all that money and use it for recreation or something else,” McGlothin said.
Last year, the town did not receive the money when it was expected, and town officials could not find a copy of the agreement that said the company would pay the town the funds.
The agreement, which was a corporate memorandum rather than a contract, was eventually located and the town was given a check.
This year, the check was sent to the town with a cordial letter and there was no trouble getting things, the mayor said.
“They were kind, and they wrote a nice letter with (the check),” McGlothin said. “They were really nice to deal with.”