Tag: Department of Economic and Community Development

Report: West Tennessee Zoning Affects Affordability in Expected Population Boom

The Center Square
Housing development

West Tennessee is projected to have a significant population increase in coming years with Ford’s Blue Oval set to open outside Memphis but zoning regulations will have a large impact on the affordability of new housing in the region, according to a new report from Beacon Center of Tennessee.

Tennessee’s Department of Economic and Community Development estimates that, by 2045, West Tennessee’s population will grow by more than 176,000 and the region will need more than 70,000 new housing units.

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Tennessee FastTrack Grants $21.7M to Reach 21 Businesses

The Center Square
State Funding Board

Tennessee has handed out $21.7 million in FastTrack business incentive grants so far this year through April to a total of 21 businesses.

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.

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Tennessee Has Given Out Six Business Grants Greater than $1 Million in 2023

The Center Square

Tennessee’s Department of Economic and Community Development has awarded six grants of $1 million or more through the first five months of 2023, with the highest being a $9 million grant to SK Food Group in January.

The FastTrack grants are state grants sent to help offset 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.

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Connecticut Small Businesses Get $46.6 Million in Five-Year Plan

The Center Square

A five-year plan to invest in small businesses in Connecticut is now a reality.

Connecticut will invest $46.6 million in the coming years that will help small business expansion through assistance programs across the state. Nonprofit economic development groups will receive the state grants, authorized at a recent Bond Commission meeting, that will assist small businesses with formation, growth and innovation.

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Nashville Draws $70 Million Corporate Finance Headquarters

Jason M. Reynolds

A global asset management firm will build a $70 million corporate headquarters in Nashville, the state announced in a press release Wednesday, May 2. Tennessee Gov. Bill Haslam, Department of Economic and Community Development Commissioner Bob Rolfe and AllianceBernstein L.P. (AB) officials made the announcement. The relocation of its company headquarters will create more than 1,000 corporate jobs, including positions in finance, IT, operations, legal, compliance, internal audit, human resources, sales and marketing, WSMV reported. “Tennessee is home to many world-renowned brands and we’re extremely proud to welcome AllianceBernstein, a global financial leader, to Nashville,” Haslam said in a press release. “Tennessee’s pro-growth policies continue to attract international companies to our state, providing fantastic job opportunities for our citizens. AB’s decision to bring 1,050 corporate office jobs to Nashville is an incredible win for our state and shows that Tennessee will lead in creating high quality jobs.” Rolfe said in the press release, “Since 2011, Tennessee’s financial industry has grown at the second fastest rate in the Southeast, creating approximately 24,500 jobs.” The year-long search for a new location started with 30 cities. In the end, Bernstein said Nashville was the clear choice, WSMV reported. AllianceBernstein’s headquarters are currently in New York…

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No Transparency in ECD Deal to Give Tyson Foods $18 Million FastTrack Grant

Chris Alto

Noted in the Governor’s 2018-2019 Budget is an $18 million dollar FastTrack grant for Tyson Foods that may be part of a deal to bring a chicken processing plant to Humboldt, Tennessee after plans for a similarly described project in Kansas met with “staggering” opposition from citizen activists. This year’s money for Tyson Foods is not currently listed in the FastTrack project database maintained on the Department of Economic & Community Development (ECD) website. As part of Governor Haslam’s “Transparent Tennessee” initiative, ECD launched an interactive online platform called “Open ECD,” intended to provide a “comprehensive look at TNECD’s initiatives,” including, FastTrack, community and rural development grants. Haslam’s “Transparent Tennessee” was intended to help create a “customer-focused, efficient and effective state government.” This initiative was supposed to provide greater transparency and accountability in how the state government operates by enabling taxpayers to see how different departments are performing as well as how taxpayer funds are spent. The only reference to date for the $18 million dollar FastTrack grant for Tyson Foods is on page xix of the Governor’s 2018-2019 Budget released with a cover letter dated January 29, 2018: General fund supplemental appropriations in the current 2017-2018 fiscal year total $46 million, $38 million of…

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Tennessee Officials to Hire Consultant to Help with Memphis Regional Megasite

Wendy Wilson

The state of Tennessee is hoping to hire a consultant by January for help in overseeing and promoting the Memphis Regional Megasite that is still without a major manufacturer more than 10 years after planning for the project began. The state is asking for $2 million to hire the consultant and make various infrastructure improvements, reports Nashville Public Radio. Toyota and Mazda passed on the site last week for a new auto manufacturing plant because it wasn’t shovel-ready. U.S. Rep. Diane Black (R-TN-6), who is running for governor, issued a statement calling the decision “a tremendous, inexcusable loss for our state.” The consultant hired by the state Department of Economic and Community Development would provide ongoing technical expertise on an as-needed basis, according to state documents. Responsibilities would include developing a site management plan, assisting with tenant negotiations and coordination of utility, transportation and railroad services, and communicating with stakeholders. Nashville Public Radio reported that the decision to hire a consultant was made before Toyota-Mazda eliminated the West Tennessee site from consideration. Another unnamed company also passed on the site in recent weeks. Other firms have also turned down the site over the years. The megasite includes 4,100 acres of land off Interstate 40 in Haywood…

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