Macon-Bibb County, Ga., has approved a $475 million bond for the construction of Kumho’s plant in Macon, according to Global Atlanta.
Now that the bond has been approved officially, construction at the site can move ahead.
In 2008, the county agreed to reduce the taxes on the plant to help make Bibb an attractive site for Kumho’s first U.S. plant. Kumho made news in July when it announced that it would resume work on the $500 million facility, which was delayed due to the recession.
As part of the tax break deal, Kumho will rent the factory site from the Macon-Bibb County Industrial Authority instead of buying it. The company agreed to make 20 years of payments in lieu of taxes.