CLAY COUNTY — Lawmakers are meeting in special session today to consider incentives to bring a Japanese tire manufacturer to Clay County.
Yokohama Tire Corp. would make industrial tires for trucks and tractors.
In a House committee meeting today, lawmakers were told the state would borrow $70 million to buy land, build infrastructure and train workers.
The first phase would involve a $300-million company investment and at least 500 jobs. There could eventually be four phases with a company investment of $1.2 billion.
Other contributions would be $12 million from local governments, $1 million from the Appalachian Regional Commission, $900,000 from the Tennessee Valley Authority and $590,000 from Atmos Energy.
Clay County’s unemployment rate in March was 18.2 percent, the highest in the state.