Grants made to local governing bodies for public infrastructure improvements must be for specific infrastructure projects benefiting one or more companies committed to creating new jobs and/or making new capital investments; requires local matching funds based on a community’s ability to pay. For onsite improvements, the community must provide a PILOT (payment in lieau of tax) on the real property investment for at least 5 years. TNECD is not able to provide incentives prior to the execution and approval of a contract.
Restricted to situations where there is a commitment by a private sector business to locate or expand in the state and to create or retain jobs for Tennesseans. FastTrack eligibility and funding levels are determined by: Number of new full-time jobs; Weighted averages wages of new full-time jobs; Amount of company investment; Types of skills and knowledge that must be obtained; Location of the project.
Eligible Recipients Detail:
Local Units of Government
Building Infrastructure; Last Mile Infrastructure; Middle Mile Infrastructure
Eligible Purpose Detail:
Covers infrastructure such as rail, public roadway, port, airport, site, water, sewer, gas and telecommunication improvements.
Funding match required based on community's ability to pay