Orange City Council voted on Tuesday to approve a Tax Increment Reinvestment Zone (TIRZ) on the site of the now-closed International Paper plant. The city hopes that the zone will bring new jobs and revenue to the city.

The TIRZ comes after the paper plant announced its closure in October 2023. The closure resulted in 500 locals losing their jobs.

“I am very very excited to finish this out,” said Mayor Larry Spears Jr. “To make sure that we are making it possible for the new company to take advantage of everything possible” 

The closure affects not only the people who lose their jobs but also the local schools and city as they are no longer receiving tax income from the plant since it has closed. 

A reinvestment zone grants companies access to state grants that help reduce taxation and other costs to help incentivize businesses to begin in those zones.

The city has yet to identify the company involved, as the deal has not yet been finalized.