International Paper Co. in Coosa announced on Tuesday that they will soon undergo a $100 million expansion.

In part of a bond package that was approved by the Rome-Floyd County Development Authority, the company will receive a 10 payment in lieu of taxes. The company will pay 25% of its tax bill with the remaining 75% abated for the next decade.

According to reports, most of the money will go toward new machinery and equipment for the plant.