Trio Of Smyrna, TN, Auto Suppliers Use Incentives to Expand
A trio of Smyrna automotive suppliers will add 520 jobs in expansion plans totaling $142.4 million, the companies and the Rutherford County Industrial Development Board announced. Federal-Mogul will add 285 jobs, Topre America plans for 145 new jobs and Steel Technologies for 90. All three companies will receive some manner of tax incentives.
THDA Using LIHTCs and Multifamily Bond Programs to Impact TN
The financial impact of Tennessee Housing Development Agency reaches past the new homeowners' front doors, contributing hundreds of millions of dollars to Tennessee's economy and $29 million in state and local taxes in 2016. Low Income Housing Tax Credits and Multifamily Bond Programs are used to develop affordable rental housing.
Past Success has TN Concerned About Federal Brownfield Cuts
The Tennessee Department of Environment and Conservation has called federal brownfields grants the "unsung hero of Tennessee's economic resurgence." TDEC Commissioner testified that A dollar invested (through brownfields) yields at least $18 in private investment."
CDFA National Summit Call for Submissions
CDFA is accepting session submissions for the 2017 National Development Finance Summit in Atlanta this November. Session submissions on deals, projects or programs that include multiple funding sources are highly encouraged. Submissions are due by May 12, 2017.
The Blake at Kingsport in TN receives $1M in TIF
The Blake at Kingsport, a $21 million senior living facility off Fort Henry Drive plans to open spring of 2018. The project is expected to generate 70 new jobs and received $1 million in TIF for site development.
Franklin, TN, Debate Using State RLF For Sewer Plant Expansion
Franklin city leaders decided to take some time before finalizing a decision on a massive loan needed for a sewer plant expansion. The city council voted 7-1 to defer a decision until May on taking out an $80 million loan from the state's revolving loan fund.
Editorial: TN's Prudent Use of Business Incentives Promotes Investment, Jobs
Bob Rolfe, the commissioner of the Tennessee Department of Economic and Community Development, provides a commentary on Tennessee's use of business incentives to encourage economic development.
Bill That Would Disclose More on Tax Credits Passes TN Legislature
Bringing more transparency to Tennessee's business subsidies, lawmakers this week passed a bill that would require an annual report on tax credits. Business tax credits cost the state more than $140 million annually, in the hope of broad economic impacts. The forgone revenue, though, could be spent on education, roads, health care or other government functions that also impact the economy.
TN House, Senate Approve Gov. Haslam's Road Funding Bill
Republican Gov. Bill Haslam's proposal to boost road and bridge funding in Tennessee has been passed by both legislative chambers, after the House rejected an effort supported by GOP leaders to strip a gas tax hike out of the bill.