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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Tennessee has promised $3.5 million combined in incentives to three companies so far in March.
That comes after the state’s Department of Economic and Community Development committed to $2.1 million combined in FastTrack grants to six companies in February.
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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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The hospitality industry in Connecticut will be benefiting from new state funding.
Restaurants, hotels, transportation agencies, and other businesses will receive a share of $30 million in grant funding, Gov. Ned Lamont said, under the Connecticut Hospitality Industry Support Program.
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An advanced coatings manufacturer is undertaking an expansion project in Connecticut, Gov. Ned Lamont said.
The governor announced Element 119, which currently employs 14 people, plans to add an additional 36 workers over the next two years at its production facilities in Thomaston and Cheshire.
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Commissioner Bob Rolfe announced his departure Tuesday from the Tennessee Department of Economic and Community Development (TNECD) in order to enter the private sector, according to a press release by the department.
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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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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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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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