Obion County officials have approved a $3.65 million dollar incentive package in the hopes of attracting an industrial manufacturer.
The money will be loaned to the Union City industrial development board from the county’s hospital fund.
The loan will be paid back to the county over a 10-year period, with $3.25 million split between the county and the development board, and the remaining $400,000 coming from the industrial prospect.
The state of Tennessee is also preparing an incentive package for the as-yet-unnamed manufacturer.
Obion County Mayor Benny McGuire said the manufacturer will spend more than $30 million on the factory if the deal goes through, with an initial 75-100 jobs created in the county. Within 5 years, that would balloon to 510 jobs.
McGuire said the deal should be announced by the end of this month.