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USA: Nissan bonds to fund upgrades in Smyrna

MURFREESBORO — The Rutherford County Industrial Development Board approved the issuance of $35.7 million in bonds Wednesday to finance Nissan’s auto factory upgrades.

This is the 18th time Nissan has requested bonds since it established its arrangement in 1982 with the IDB, which leases the factory to the Japanese automaker in exchange for the company paying property taxes at a reduced rate.

“It’s been a long and productive relationship,” said Steve Miller, a Nissan tax manager who works at the company’s American headquarters in Franklin.

Nissan every year or two needs to request bonds to reflect the company’s investments to update the factory, Miller said.

“The Smyrna plant is a dynamic operation,” said Miller, who is a 25-year Murfreesboro resident who previously worked at the local factory before Nissan moved its headquarters to Tennessee in 2005. “We are constantly changing operations.”

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