Nearly $1 billion in total bond resolutions were approved Wednesday for possible expansions through 2024. Two separate resolutions totaling $910 million were approved -- one for Toyo in the amount of $880 million and the other for TTNA, Toyo's warehousing division, in the amount of $30 million.
The October JDA meeting approved the drafting of these resolutions at Toyo's request. Expansion plans, if acted upon, would significantly increase facility size and production.
"What was done at the meeting in October was to approve a memorandum of understanding between the authority and Toyo to start the process to eventually end up where we approve the bond resolutions. So that's what we're doing today is following up from that original MOU to approve the bond resolutions, which begin the validation process," said Keith Lovell, JDA legal counsel.
Although plans are long-range, half to two-thirds of the possible bonding is expected to be drawn down within the first seven years of bond eligibility. The financing comes with job creation requirements as Toyo expects to employ a total of 1,370 people, including the approximately 700 current employees and the 200 new hires announced in September. That would amount to 470 additional employees within the next 10 years.
Toyo has not officially decided on the location of future expansions but did request these financing options from the local JDA, which has worked promptly to meet Toyo's needs and incentivize future growth.