Investments continue at the Toyo Tires plant with the approval of $38 million in bonds to finance expansion of the site’s warehousing capabilities.
During its Thursday meeting, the Bartow-Cartersville Joint Development Authority authorized the bonds. However, the bonds are not an entirely new investment, as money was set aside in the 2010 approval of a $900 million bond issue for warehousing expansion. Cartersville Assistant City Attorney Keith Lovell said the new bond approval was necessary as the expansion will not take place solely on Toyo’s existing land.
“Since that time, Toyo has notified the authority that they plan to expand even more and build a new warehouse,” Lovell said, referring to the 2010 bond issue. “Fortunately, or unfortunately for us, they weren’t able to locate that on their current property. So they bought the adjoining property owned by the estate of Glenn Taylor and various other people and that closing occurred last month.
“Now they wish to locate their new warehouse mainly on that property, though a little on the property that is owned by the state and leased to the authority, and the amount of this bond issued for that warehouse is $38 million.”
The bond, Lovell continued, is separate from the $900 million bond. He said the company is working on other projects and they may draw on the bond by the end of the year or beginning of 2014. Lovell added the validation petition for the $38 million bond will be filed Dec. 2 and the hearing will most likely be Dec. 18.
In other business, the authority approved its October financial report and heard updates on Highland 75 and the Cartersville-Bartow County Economic Development department.
CBCED Executive Director Melinda Lemmon also filled the JDA board in on her recent trip to Biloxi, Miss., for the SEUS-Japan conference, which Bartow County Commissioner Steve Taylor, County Administrator Peter Olson and Cartersville Mayor Matt Santini also attended. She said the group worked to foster relationships with new Japanese companies and strengthen existing relationships. See a future edition of The Daily Tribune News for a follow-up on the Bartow County delegation’s trip to SEUS-Japan.
The JDA’s next meeting is scheduled for Tuesday, Dec. 17, at noon at the Clarence Brown Conference Center.