Miss. Legislature Passes Incentives for Yokohama Tire Plant

Miss. Legislature passes incentives for Yokohama Tire plant: Clarion Ledger

The Legislature on Friday passed a $130-million incentives package to help land a Yokohama Tire Corporation plant in the industrial park north of West Point in Clay County. The House vote was 117-2. The Senate was unanimous. Both chambers erupted into applause when the measure was passed.

Lawmakers say the company would create 500 jobs initially, up to 2,000 jobs over four “phases” of planned expansion. Lawmakers approved a total bond package of $130 million — $70 million for the company’s first phase of construction, with $60 million authorized for expansions. The company wants the state to purchase land for $9.5 million, spend $48 million on infrastructure, and build a training center for $11.75 million. It also wants a 25-year exemption on income taxes, with a “fee in lieu.” State officials told lawmakers the 20-year payback to the state would be $1.1 billion.

The West Point-Clay County area was chosen out of more than 3,000 counties nationwide initially, and Mississippi beat out two other states that made the short list, lawmakers said.

” This is a boon for Northeast Mississippi and certainly for the residents of West Point and Clay County. This will go a long way in helping bring down the higher than average unemployment numbers in the area while bringing high quality jobs and wages. I applaud the governor and legislature for this project”

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