(WMC-TV) – International Paper will stay in Memphis for the next 15 years, at least.
The company settled on an incentive to stay in the Bluff City, which could include an expansion involving multiple real estate buildings.
The City of Memphis was working to come to an agreement with the Fortune 500 company but some officials believed cutting a deal with the paper company would set a bad precedent.
Shelby County Commissioner Mike Ritz is one Shelby County commissioner who thinks the decision could cause a domino effect.
"Why wouldn't we be asked to do the same thing by Fed Ex, AutoZone, and many other people?" Ritz said in an interview with Action News 5 in November when IP first confirmed it was considering a move out of Memphis.
Memphis Mayor A C Wharton countered Ritz by saying, "There is no such thing as 'If you do it for one you have to do it for all'. There are no equal protections or legal things on that."
"International Paper is a Fortune 500 company. They bring a lot to our community and that is something that we value and we have to consider," said Mayor Mark Luttrell.
The decision has been made. International Paper, and its employees, will continue to operate in Memphis for at least another decade and a half.