Volvo Cars USA is one step closer to making a major investment in Greenville County.

On Tuesday, Sept. 20, Greenville County Council unanimously approved without discussion second reading of an ordinance authorizing a fee-in-lieu-of-tax agreement for Volvo Cars USA in consideration of an expected $42.6 million investment.

If given final approval, the agreement, which was previously listed as “Project Iron,” stipulates the Swedish car manufacturer must make a minimum investment of $35 million for tooling facilities in the county within five years.

The investment, it should be noted, does not include the building of a new headquarters or production facility, but rather uses existing infrastructure at one or both of the two properties.

According to GADC, automotive companies like Volvo Cars USA often make investments with partner companies for site work like tooling or mold preparations done at the partner company’s facilities.

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