FAYETTEVILLE, N.C. (Feb. 17, 2009)—Fayetteville's city council has okayed a $1 million economic development incentive package for Goodyear.
The support is contingent on the tire maker fulfilling at least $200 million in capital investments in its Fayetteville tire plant by year-end 2012 and retaining plant employment levels of about 2,000. The city will grant the company $100,000 per year for 10 years if the conditions are met.
The funds are in addition to a state incentive program providing Goodyear up to $30 million over a 10-year period with the same stipulations regarding capital investments and employment levels at the 40-year-old passenger and light truck tire plant. Cumberland County also pledged incentives based on taxes paid on new equipment, which is a variable amount depending on the level of investment year to year, the company said.