The Town of Greater Napanee approved an application by Goodyear this week to help them move forward in their plan to expand their Napanee plant.
On November 28, 2023, the Town created an Industrial Community Improvement Plan (CIP) to aid in community revitalization and economic development. Goodyear Canada Inc. applied for a tax grant under this plan to expand its facility, aiming to become a top Electric Vehicle (EV) tire supplier.
The expansion plans include creating more jobs and boosting purchases from Canadian suppliers by 65%.
General Manager of Growth and Expansion Michael Nobes told council about Goodyears plan to expand by 490,000 square feet.
Nobes say this project fully meets the goals and rules of the Community Improvement Plan. Goodyear’s proposed figures make it eligible for top tax grants. Project completion will affect the property value and municipality tax revenues.
He went on to highlight for councils awareness that that amount of monies would not be able to be drawn from the development charge reserve funds, and that would be to come out of the general operating fund and that’s it. “It seems like a substantial sum of money, however, from an operational standpoint, we will also be having an equivalent amount or more than this coming into the town reserves for building permitting as well – so it’s effectively a trade if you will, to that effect.”
Council voted to receive for information the Growth & Expansion – Goodyear Expansion 2023 Community Improvement Plan (CIP) Application report and to approve the application for a Tax Increment Equivalent Grant and Development Charge rebate as submitted by Goodyear Canada Inc.
Written by Emily Chatwood