Thursday July 2nd, 2020 12:12PM

Fiber optic firm sets $50M expansion, with plans to hire 137

By The Associated Press

CARROLLTON, Ga. (AP) — A Japanese company plans a $50.2 million expansion of its Georgia fiber optic cable plant, adding 137 jobs.

OFS Fitel, the fiber-optic unit of Furukawa Electric Co. Ltd., seeks tax breaks and financing from the Carrollton Payroll Development Authority.

The Times-Georgian reports the authority and Carrollton City Council are scheduled to vote Monday on the plan. County commissioners would vote later.

The authority would issue $60 million in debt that OFS Fitel would repay. The company would own facilities when debt is paid.

The city and county would grant a declining property tax break, collecting nothing the first year. Taxes would rise in steps until the expansion is fully taxable in its 11th year. The agreement doesn’t estimate the tax break’s value. The company would fully pay school property taxes.

___

Information from: Times-Georgian, http://www.times-georgian.com/

  • Associated Categories: Associated Press (AP), AP Business, AP Online - Georgia News, AP Online Headlines - Georgia News
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