Pirelli Secures $1.2 Billion Bond Deal in Rome

The Rome-Floyd County Development Authority unanimously approved the agreement, ending three years of negotiations over Pirelli's expansion.

Updated on Nov. 11, 2026 in Jobs — General

Pirelli Secures $1.2 Billion Bond Deal in Rome

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The Rome-Floyd County Development Authority unanimously approved a $1.2 billion bond agreement with Pirelli, ending three years of negotiations. The development authority is issuing the bonds, and Pirelli is solely responsible for repaying them.

Why it matters

The deal is expected to add 1,000 new jobs in Floyd County and bring substantial tax revenue to the area. Its payments-in-lieu-of-taxes structure phases in full property taxes over 15 years.

The $1.2 billion bond agreement carries a phased property tax schedule, with Pirelli paying 25% of its property taxes in years one through three and reaching 100% after year 15. Pirelli is projected to pay over $100 million in taxes under the deal, though how that total is distributed across taxing bodies is not detailed in the extraction.

The players

Pirelli

Pirelli is an Italian tire manufacturer, and its expansion in Floyd County is the subject of the bond agreement.

The details

Under the deal, the development authority issues the bonds, and the Floyd County Tax Office receives the amount owed as if it were regular taxes. The agreement was structured as a PILOT deal at Pirelli's request, and the final terms were settled on Saturday night before the vote.

September: Original deal announced.
Saturday night before the vote: Final negotiations concluded.
November 10, 2026: Development authority unanimously approved the bond agreement.
2029: Pirelli expects the bulk of its hiring to begin.
2033: The facility is projected to reach full operations.

Market Landscape

Georgia development authorities have long used payments-in-lieu-of-taxes agreements to win large manufacturing projects, and the Pirelli deal follows that pattern. The phased tax schedule spreads the local revenue gain over 15 years while the company builds out its facility and workforce.

New Floyd County jobs at Pirelli will open employment opportunities as hiring begins in 2029. Residents and local businesses should expect the company's full property tax payments to phase in over the next 15 years.

The takeaway

Large manufacturing deals often pay off locally only over many years, as phased tax schedules gradually bring full revenue to the community. Job seekers in the Rome area should watch for hiring announcements as the project approaches 2029.