Officials eye $38 million in aid to Cooper Tire
3/3/2014TUPELO, Miss. — Local officials are supporting tax breaks to modernize Cooper Tire & Rubber Co.’s Tupelo plant, while state officials mull a contribution.
The Lee County Board of Supervisors has approved a plan to cut property taxes for 10 years, which could save the company $18 million over that time.
Cooper, based in Findlay, Ohio, has said it wants to invest $140 million to modernize the Tupelo plant, guaranteeing to retain at least 1,300 workers for the next decade. The company now has about 1,600 employees.
The proposal calls for the state to contribute $20 million in bond money, $8 million in the first year and $6 million in each of the second and third years.
Lt. Gov. Tate Reeves says he’s he met with Cooper officials and called the meeting productive.