City Giving $735,000 Grant for CTA Plant
The city of Mount Vernon, Illinois, has reportedly committed $735,000 in grant funding to Continental Tire’s (CTA) plant expansion in the city. The money is expected to go toward infrastructure improvements and equipment. For its part, CTA has committed to creating at least 440 new jobs.
In June, CTA announced the $224 million expansion project, which actually broke ground in May. Once completed, the expansion will add 4 million passenger and light truck/SUV tyres to the plants annual capacity.
The grant award must still be approved by the Mt. Vernon city council.
CTA is already receiving some $22 million in business incentives from the state.
According to news reports, in return for the grant, CTA maintain a workforce at the plant of 2,486 full-time employees for three years, show within the three years it hired no less than 440 new full-time employees at an annual average wage of not less than $37,000 a year plus the standard employee benefits, and after those jobs are added maintain an average workforce of not less than 2,930 full time positions for at least five years.