The Chamber’s J.Ed MarstonA pair of companies investing and adding new jobs in Chattanooga drew property tax breaks Friday, but questions were raised about the need for the inducements and the transparency of negotiations over them.
Woodbridge Chattanooga Formed Plastics is creating about 70 full-time jobs in the city and investing $8.5 million. Also, it may grow that number by another 130 jobs and bolster investment by an additional $8 million, officials said.
In addition, WNA American Plastics Industries is adding 53 jobs and investing $15 million, according to a city Industrial Development Board resolution.
J.Ed. Marston, vice president of marketing for the Chattanooga Area Chamber of Commerce, said the tax breaks for Woodbridge will save the company about $260,000 over four years. For WNA, the breaks will save the business $350,000 over the same time period, he said.
The payment-in-lieu of taxes agreements were approved by the city bond board.