International Paper is once again planning a major re-investment in its Coosa linerboard mill, to the tune of up to $150 million. An inducement resolution for the project was approved by the Rome Floyd County Development Authority Tuesday.
Technological upgrades to the mill will help retain 500 jobs.
Development Authority attorney Andy Davis said the last time International Paper received bond financing, in a similar amount in 2013 that the company pledge to retain 460 jobs, indicating that 40 new jobs have been created at the mill over the last five years.
International Paper will receive a ten-year payment in lieu of taxes agreement as part of the bond package. The company has agreed to pay 25 percent of its tax bill with the remaining 75 percent abated over the ten-year time line.
Jonathan Frey, a property tax manager of International Paper who represented the company at the development authority meeting Tuesday said he anticipates the company will make the upgrades over the course of the next three years.
In other business, the authority appointed Pete McDonald, the current chairman of the authority, as the chairman of the Rome Floyd Chamber, to a new three-year term replacing Otis Raybon who is rotating off the board as an at-large member at the end of the year.