The Newton City Council meets today to vote on an application for a one-million dollar forgivable loan for wind turbine manufacturer, T-P-I Composites. Newton Community Development director, Brian Friedman, says the loan is part of a package to help the new company increase production.
He says T-P-I has been working with the state Department of Economic Development to get some help with expansion. Friedman says the plant has been a great thing for the community, and they are excited about the possibility for expansion. The plant held a grand opening in September with a target of creating 500 jobs.
Friedman says the plant is ramping up rapidly toward that number, and could add hundreds more. The company could add up to 300 more jobs with the expansion.
Newton Mayor Chaz Allen says they have been working on the project for awhile now and says it’s an exciting opportunity for the community. Allen says this plant has a lot of potential. Allen says the way the wind industry is going and the passage of the federal production tax credit, "things are looking very good for the wind turbine industry."
The new jobs could pay up to 18 dollars an hour when benefits are factored in. The Newton City Council will take up the issue at noon today.