January 28, 2014
NMTC equity used to finance the new facility that will create over 1400 permanent jobs
Sumter, SC- U.S. operations and is the first Continental Tire production plant in the United States in over 40 years. The Sumter Continental Tire plant will create up to 1,600 new full-time jobs with wages 25 percent higher than the median income earned in Sumter. An additional 3,300 indirect full-time positions are projected after the plant is fully operational. The company also intends to offer comprehensive job training for new hires and ongoing training for employees through ReadySC, a division of South Carolina Technical College System. In addition, employees will receive numerous benefits, including medical, vision, and dental insurance; life insurance; paid time off and a 401 (K) retirement plan.
New Markets Tax Credit investments of over $58 million helped bridge a financing gap for the $542 million project, allowing plans for the production plant to move forward and begin on time. The one-million-square-foot production facility is located in a severely distressed, low-income community with an unemployment rate exceeding 1.5 times the national average. National Development Council partnered with Chase New Markets Corporation, Community Reinvestment Fund, USA, People Inc. and UrbanAmerica Advisors to leverage the NMTC equity.
“In a county with 11.1 percent unemployment, these jobs couldn’t come at a better time,” said Bob Davenport, president of NDC. “It is also estimated to spur over $670 million in related economic activity in the area. We are profoundly honored to be a part of this project and would like to congratulate all of our partners, Continental Tire and, especially, Sumter, South Carolina.”
Continental Tire ranks as one of the most environmentally sensitive tire production facilities in the world. Their production includes incorporating pollution control and monitoring systems, eliminating the use of harmful solvents in the majority of production process and reducing energy consumption through use of innovative heat recovery energy reuse technology.
About National Development Council
Founded in 1969, the National Development Council (NDC) is a national non-profit organization that has evolved into one of the most progressive and innovative community and economic development organizations in the country. From a seminal role in the earliest days of the community development movement, NDC has grown into one of the most comprehensive providers of financing, development expertise, technical assistance and training for community revitalization efforts throughout the U.S. www.NationalDevelopmentCouncil.org