The Industrial Development Board is set to give four years of tax breaks to WNA Chattanooga, known for years as American Plastics, as part of a $15.2 million expansion that will create 53 new jobs.
The agreement, in which the city will lease property to the company and accept payments in lieu of certain taxes, will cover the facility at 5930 Quintus Loop, which is adding aproduction line.
The company will pay no city or county taxes in 2014, except the taxes that would go toward Hamilton County schools, but will start to pay a larger and larger share of its total tax burden through 2017, the last year of the agreement.
The 53 new workers will earn an average of $33,000, the company wrote in its filing, which will provide "substantial economic benefits to the city and county economics."
WNA Chattanooga already employs about 270 workers in the city, which beat out several other locations that were considered for the expansion, the company said in an August news release.