RUSTON, La. (KTVE/KARD) — On Tuesday, October 24, 2023, reports confirmed that the Lincoln Parish Clerk of Courts office processed the paperwork where JP Morgan Chase Bank purchased 2.95 acres of land along the I-20 West Service Road to the west of Ruston Assembly of God Church. According to the Lincoln Parish Journal, the $2.5 million transaction was between JP Morgan Chase Bank and I-20 Madera Development, LLC.
On September 28, 2023, reports confirmed that Finance firm JPMorgan Chase is planning to build a new 50,000-square-foot operations center in Ruston, La. According to the Ruston Daily Leader, a resolution was passed by the Lincoln Parish Police Jury at a special meeting on September 28, 2023, and the project would be a minimum $30 million investment and would create 200 full-time jobs when completed, with an average wage of $50,000 per year.
Reports also confirmed that the building would be located on the North Frontage Road of Interstate 20 in Ruston. The police jury unanimously approved its share of the incentive plan, and the Lincoln Parish School Board did the same.
According to reports, the jury agreed to a 15-year sliding property tax abatement based on the number of jobs created and maintained by the project, ranging from 25% for 0-24 jobs up to 75% for 151-200 jobs.
According to the Lincoln Parish Journal, the Ruston facility will have a front operation office center with staff processing and computer processing of data with image scanners along with a vault that will be a large part of the square footage of the building. The completion of the facility is scheduled to take place by the end of 2025.