Saturday, August 11, 2012
CLEVELAND, Tenn. Mars Chocolate North America is planning a $67 million expansion of its plant in southeastern Tennessee to make pretzel M&Ms.
The Chattanooga Times Free Press reports that the Cleveland City Council is scheduled to consider a plan Monday to exempt from property taxes half of the new investment planned by Mars over the next seven years.
According to the resolution, the expansion will add 38 jobs. Mars currently employs 493 workers at the plant.
The resolution says the company plans to purchase and install equipment to make pretzel M&Ms at the plant.
Terms of the agreement include an annual payment of 50 percent of the property taxes otherwise due until Dec. 31, 2018.