JONESBORO — After holding a public hearing on the matter, the Jonesboro City Council on Tuesday will consider a request to approve up to $100 million in financing for expansion of the Nestlé Prepared Foods Co.

Under terms of the bond issue, the city will be the owner of record of the improvements until the bonds mature in 2051. The company will lease the improvements and pay the equivalent of 35 percent of the property taxes that would normally be owed.

The company announced its plans in December to add 90,000 square feet to its facility in order to produce additional product lines, such as Hot Pockets brand sandwiches. As part of the expansion, the company plans to hire at least 100 new employees over two years.

A public hearing, required under state law when a city considers an industrial bond issue, will be held at 5:25 p.m., prior to the regular council meeting.

In other business, the council will consider resolutions to buy two parcels of property for flood mitigation and one tax-delinquent parcel for potential redevelopment.

The state land commissioner will hold an auction of 26 tax-delinquent properties in Craighead County at 10 a.m. Wednesday at the Hilton Garden Inn. The Jonesboro Land Bank Commission voted Tuesday to seek council permission to bid on a vacant house at 915 W. Oak Ave. If the council approves, the city will offer $4,200.47, the amount of taxes and other fees owed on the property since 2015.

The current owner, identified as Degrick Evans of Blytheville, would still have 10 business days to redeem the property after the auction.

If the Land Bank Commission bid goes through, the commission would control how to rehab or redevelop the land.

As for flood mitigation, the city would pay Diane Maness $66,000 for her property at 3901 Willow Road and Earlene Johnson $43,000 for 3804 Gamblin Drive. Structures on both properties have flooded multiple times, The city is using a federal grant to acquire the property, remove the houses and maintain the land. According to documents related to the resolutions, Maness and Johnson are being paid the appraised value of the property prior to the flood event.

Three proposed ordinances appear on the agenda for the second of three required readings.

David and Deborah Harshorn seek to rezone 3.56 acres at 5441 and 5443 Southwest Drive near Darr Hill Road, from C-4 neighborhood commercial to C-3 general commercial district for the purpose of constructing commercial mini-storage buildings.

John Stuckey proposes changing 11.53 acres at 6609 C.W. Post Road from R-1 single family residential to I-2 general industrial. With the land located in a floodway, Stuckey proposes excavating subsurface materials for other properties he owns.

Duyen Tran seeks to rezone 0.23 acres at 3003 Kingsbury Drive, next to Checkers, from R-1 single family residential to C-3 general commercial. A house that faces Red Wolf Boulevard would be replaced with a 1,900-square-foot building for a hair and nail salon business, according to Tran’s application.

The council is expected to take final action on the proposals at its Aug. 3 meeting.

Scheduled for first reading is a proposed ordinance that would adopt updates to the city’s stormwater drainage design manual.

The council will meet at 5:30 p.m. in Municipal Center, 300 S. Church St.

The council’s finance and administration committee will meet at 4 p.m.

The public safety committee will convene at 5 p.m.