Tennessee State Funding Board approves $14M in incentives for businesses
(The Center Square) – Tennessee’s State Funding Board approved $14 million in incentives to businesses through its FastTrack program this week.
The largest was $6.5 million toward a $300 million Knoxville corporate campus for Greenheck Fan Corp. The company vowed to add 440 net new jobs with an average hourly wage of $32.09 within the next five years.
Avancez will receive $3.3 million toward its $54 million facility at BlueOval City Supplier Park near Ford’s new complex in Stanton after vowing to add 501 net new jobs with an average hourly wage of $23.35 in the next five years.
The Department of Economic and Community Development’s FastTrack grant program are state grants sent to companies to help offset the costs of expanding or moving into the state with the goal of increasing the number of full-time jobs and the average wages of jobs available in an area.
TNECD has $91.6 million in uncommitted funds in its account with $519.3 million committed to projects.
“What’s so great about today is that these five projects literally cover the state,” TNECD Commissioner Stuart McWhorter told the board.
Economists question the effectiveness of financial incentives to private businesses to expand or come to a new state but state and local governments continue to expand the incentives.
Hankook & Co. will receive $1.5 million in Clarksville after promising to add 100 new jobs and invest $22.2 million at the site with the jobs paying an average of $21.63 per hour. Hankook received a $6 million incentive for expansion in 2022.
Protomet promised to add 250 net new jobs with an average wage of $26.64 in the next five years while investing $25 million to buy and retrofit the former Albahealth building on North Gateway Avenue in Rockwood, Tenenssee for its engineering and manufacturing operations.
