Japan/USA:Nissan to restructure IDB abatement in wake of electric cars loan
Nissan will restructure a land-lease and tax-abatement agreement with the Rutherford County Industrial Board to account for its expansion to build electric cars and batteries at the Smyrna factory, company representatives told the IDB Wednesday morning.
The auto manufacturer’s tax abatement agreement for 884 acres runs through 2022. A new contract will re-examine the ending date and acknowledge that the lease agreement will serve as collateral for a $1.6 billion loan from the U.S. Department of Energy, Nissan consulting attorney Tom Sherrard said. “We definitely want to talk about it in more detail,” Sherrard said. He appeared before the board with three Nissan representatives who work at the company’s North American headquarters in Franklin.
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