MGP Corp., a tire recycling located in Arizona, was given the authorization by the Tucson Empowerment Zone to issue up to $33.5 million in tax-exempt bond financing to build a tire recycling operation in an empowerment zone in Tucson, Ariz.
The facility, which aims to break down tires to their base components of carbon black, steel, fiberglass and nylon cord, will be located at the Arizona Science and Technology Park.
According to local press reports the project would become the fourth of 30 federally designated urban empowerment zones to issue tax-exempt bonds and the first from the third group of zones established in February 2002. Tucson may bond up to $130 million.