Nearly $56 million in tax incentives have been approved for Bridgestone Americas headquarter relocation, reports The Tennessean.

The Metro Council voted to give Bridgestone a 100% property tax discount over 20 years for the 30-story tower it plans to build and relocate to in downtown Nashville. The council also approved a grant of $500 per new Bridgestone employee over the next seven years. The combined incentives are estimated to be around $56 million.

The council’s deal still requires a procedural vote by the Metro Industrial Development Board.

Tennessee has agreed to provide similar funds to the tiremaker, bringing the total amount of incentives for Bridgestone to more than $100 million, the Tennessean reported.

Bridgestone is planning to break ground on its new facility in January. The new headquarters will consolidate the company’s existing headquarters with office divisions that are currently in Illinois and Indiana.

Source: tirereview.com