Tuesday, September 21, 2021
86.2 F
Fort Worth

Tennessee panel OKs $65M in state incentives for Oracle

🕐 1 min read

by AP News.

NASHVILLE, Tenn. (AP) — A Tennessee panel has approved $65 million in state incentives for Oracle Corp. as the company plans to bring 8,500 jobs and an investment topping $1 billion to fast-growing Nashville over the coming decade.

The State Funding Board’s approval of the FastTrack grant came during a meeting Tuesday.

In April, Nashville Mayor John Cooper’s office announced that the Austin, Texas-based computer technology company plans to build the new campus with 1.2 million square feet (111,400 square meters) of office space.

Documents show the jobs will have an average salary of $110,000.

Oracle paid $254 million for 60 acres and is offering $175 million upfront for public infrastructure, including a pedestrian bridge over the Cumberland River, environmental cleanup, a sewer pump station and a riverfront park, the mayor’s office has said.

Half of Oracle’s future property taxes — which the company estimates will be roughly $18 million annually when the project is fully built — would reimburse the company for the upfront investment, without interest payments, with the other half going into the city’s general operating fund, Cooper’s office has said.

The move would surpass the expansion of Amazon, which in 2018 announced it would bring 5,000 jobs through a $230 million investment in a new Nashville operations hub. Oracle relocated its headquarters from Silicon Valley to Austin in 2020.

Related Articles

Our Digital Sponsors

Latest Articles

Not ready to subscribe?

Try a few articles on us.

Enter your email address and we will give you access to three articles a month, to give us a try. You also get an opportunity to receive our newsletter with stories of the day.

Get our email updates

Stay up-to-date with the issues, companies and people that matter most to business in the Fort Worth.

  • Restaurants
  • Technology
  • and more!

FWBP Morning Brief

FWBP 5@5

Weekend Newsletter

  • Banking & Finance
  • Culture
  • Real Estate