County commissioners, P&G ink bond deal

The Cape Girardeau County Commission wrapped up a $163 million bond deal with Procter & Gamble Monday, signing an ordinance which allowed the county to issue bonds for a paper towel expansion.

It was the final step in a story that began in May when Procter & Gamble announced it would be expanding its plant.

The expansion was made possible through a tax-abatement deal with the county. The county issued the bonds, which will be paid back to the county over 25 years.

In turn, Procter & Gamble negotiated its taxes. By making the deal, the county was able to draw the paper towel expansion here, instead of it going to other cities in Georgia or Pennsylvania.

"This maintains the level of employment at Procter & Gamble," Presiding Commissioner Gerald Jones said. "And we're very happy that we can play a part in keeping these high-level jobs in the county."

Jones said many Procter & Gamble employees will be transferred from the diaper division to the paper towel division.

"We hope the next expansion will mean an increase in jobs," he said.