Legislature Okays Tire Plant Incentives
JACKSON, Miss. (AP) – Mississippi lawmakers Friday quickly approved an incentive package that could be worth more $330 million to bring a tire plant to Clay County.
House members voted 117-2 to pass the bill, while the Senate voted unanimously.
Japan’s Yokohama Rubber Co. Ltd. would invest $300 million of its own money in the first phase, hiring 500 workers. In exchange, the state would borrow $70 million to buy land, build infrastructure and train workers.
Three additional phases could follow, bringing company investment to $1.2 billion and total jobs to 2,000. The state would borrow an additional $60 million to support those phases.
Other contributions would include $12 million from local governments.
“This is an historic day for Mississippi, and we are proud to welcome this world-leader in tire manufacturing to our great state. The passing of this legislation will result initially in 500 new jobs, with the potential to create up to 2,000 total jobs, and it will have a positive impact on the state’s economy for years to come. said Governor Phil Bryant after the bills passage.
Gov. Phil Bryant, officials from Yokohama Tire Corporation and state and local officials will host an official announcement event and agreement signing ceremony on Monday, April 29 at 10:30 a.m. at The Ritz Theater and Conference Center in West Point, Miss.