TERRE HAUTE, Ind. – Pyrolyx is asking the City of Terre Haute to issue a bond up to 70 million dollars through Economic Development Solid Waste Facility Revenue Bonds.

The company already has one location in Terre Haute and they are looking to build another facility next to the current one starting next year.

The addition would a $52 million investment by the company and would provide an additional 50 jobs with an increase in payroll of $2.5 million.

The company takes end of life tires and creates it into carbon black.

The bond issuer is responsible for the bond not the city or taxpayers.

The bond is solid waste financing that will give the company a tax-exempt interest rate.

This is the same type of financing that was arranged for the company’s first facility.

The Pyrolyx currently has 130 employees with an annual payroll of close to $100 million.

Pyrolyx will go before the Terre Haute City Council in January for approval of the bond ordinance.