MEMPHIS, TN (abc24.com) - Memphis Mayor A C Wharton and Shelby County Mayor Mark Luttrell want International Paper to stay in Memphis. The Fortune 500 company is threatening to move its corporate headquarters elsewhere unless it gets a 30-year tax break.
This is a high priority for both mayors; lots of jobs are on the line.
While all parties are still just in the discussion phase, Mayor Luttrell hopes a deal can be reached. If so, International Paper would keep its corporate headquarters, and more than 2,000 jobs, in Memphis.
The mayors confirmed talks are underway with Governor Bill Haslam to see what Nashville can do to help.
If a deal can't be worked out, IP could leave its east Memphis headquarters for another state.
Mayor Wharton says hope to work out a deal with International Paper by the end of the year, but it could take longer.