economic development

State paying $17.5M to New York firm for moving to Nashville — along with targeted tax break

The state Department of Economic and Community Development has agreed to give $17.5 million to AllianceBernstein for moving its headquarters from Manhattan to Nashville, reports the Nashville Business Journal.   A bill approved by the legislature this year also gives the company a tax break that served to “sweeten” state support for the move, says the state’s ECD commissioner.

The Beacon Center of Tenessee, which has been crusading against “corporate welfare,” had urged that AllianceBernstein get nothing in the way of taxpayer-funded incentives. The global financal firm announced with Gov. Bill Haslam last month that it will bring 1,050 jobs to the state’s capitol city, investing about $70 million.

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Haslam spending the week in United Kingdom, Sweden, Germany, Austria and Italy

Press release from the governor’s office

NASHVILLE  Tennessee Gov. Bill Haslam and Department of Economic and Community Development Commissioner Bob Rolfe will travel to Europe May 4 to May 11 for an economic development trip designed to strengthen ties with European businesses and increase foreign direct investment (FDI) in Tennessee.

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Legislators authorize utilities funding chambers of commerce (updated and corrected)

Legislation authorizing natural gas utility companies to provide funding to local chambers of commerce was approved by the Senate on Wednesday. The House initially spurned the bill, but then reconsidered and approved it in the waning moments of the 2018 session.

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Haslam adds $74M to budget bill; $30M for school safety, $10M for aviation grants

Press release from the governor’s office

NASHVILLE – Tennessee Gov. Bill Haslam today proposed $30 million to improve school safety across the state in the amendment to the fiscal year 2018-19 budget proposal to be considered by the General Assembly in the coming weeks.

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Haslam voices misgivings about recruiting new Amazon HQ to Nashville

Gov. Bill Haslam sounded apprehensive when asked recently about the prospect of Nashville landing the immense second headquarters planned by retail behemoth Amazon.com, reports the Nashville Business Journal.

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Haslam proposes $30M in bonds to partially cover remaining Megasite expenses

Gov. Bill Haslam’s proposed state budget for the next fiscal year calls for issuing $30.7 million in bonds to partially cover the extra cost of making the Memphis Megasite “shovel ready.” As WPLN reports, that’s less than half the $80 million that Economic and Community Development officials said is needed.

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Megasite waste water dumping site relocated after vocal local opposition

After vocal opposition from residents in and around the Tipton County community of Randolph, located on the banks of the Mississippi River, state officials are withdrawing their current plans for the Memphis Regional Megasite’s 35-mile long wastewater pipeline, reports the Memphis Daily News.

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TNECD hires representatives in France and Spain for total of 11 foreign recruiters

Press release from Department of Economic and Community Development

NASHVILLE – The Tennessee Department of Economic and Community (TNECD) has announced the addition of two international representatives for Spain and France that will focus on attracting new foreign direct investment (FDI) to Tennessee.

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Gubernatorial candidates speak on more money for Megasite

Gubernatorial candidates attending a Southwest Tennessee Development District gathering mostly voiced support for continued development of the Memphis Regional Megasite, according to the Jackson Sun. State officials say the project needs another $72 million in state funding to become “shovel ready” in addition to $140 million already spent — and Gov. Bill Haslam hasn’t said whether he’ll include the money in his final budget proposal for the coming year.

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Haslam quip to Hagerty: Make Japanese crane TN official state bird

Bill Hagerty, former commissioner of the state Department of Economic and Community Development and now U.S. Ambassador to Japan, says Gov. Bill Haslam once joked about replacing the mockingbird with the crane as Tennessee’s official state bird, reports WKRN. The red-crowned crane is the official national bird of Japan.

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