Louisiana makes deal to keep CenturyLink HQ through 2025
MONROE, La. (AP) - CenturyLink will keep its headquarters in Louisiana through 2025 as the telecommunications company and state officials have made a new deal.
News outlets report CenturyLink CEO Jeff Storey and Gov. John Bel Edwards finalized the agreement Tuesday to have Louisiana's largest public company stay in Monroe. Edwards and other state officials had been seeking to keep the higher ranked of the state's two Fortune 500 companies beyond 2020, when their contract to stay in the northeastern Louisiana city would expire.
Matthew Block, the Edwards administration's general counsel, says the deal offers CenturyLink $17.5 million in tax incentives and removes penalties if it doesn't meet payroll targets.
The incentives are limited to $2.5 million a year. The agreement terminates if the company payroll is less than $57.5 million for in-state workers.