In a recent government meeting, the Tennessee Education Lottery Corporation notified the board that projected net lottery proceeds for the fiscal year 2024-2025 are expected to be less than 35% of total lottery proceeds, with estimates ranging between $455 million and $475 million. The board acknowledged receipt of this notification without further discussion.

The meeting also featured a report from the Department of Economic and Community Development (ECD) regarding three significant fast track projects requiring board approval. Deputy Commissioner Alan Borden presented the funding report, revealing an adjusted Fast Track balance of $614.1 million, with $172.5 million uncommitted. The proposed grants for the day totaled $6.8 million, which would reduce the uncommitted balance to $165.7 million.

The first project discussed was an expansion by DENSO Manufacturing in Athens, Tennessee, which will create 200 new jobs with a capital investment of $100 million. The average hourly wage for these positions is projected at $31.39. The board was asked to approve $1.8 million in job training assistance for this project.

The second project involved TruGreen, a lawn care service company relocating its headquarters to Franklin, Tennessee. This move is expected to generate 135 new jobs with an impressive average hourly wage of $72.39 and a capital investment of $5.67 million. The board recognized the strategic importance of attracting headquarters jobs, which are pivotal for decision-making and economic growth.

Lastly, Schneider Electric USA plans to establish operations in Wilson County, creating 400 new jobs with an average hourly wage of $26.63 and a capital investment of $85 million. The board was requested to approve $4 million in economic development grant funds for this initiative.

During the discussion, concerns were raised regarding the potential impact of the TruGreen project on Memphis, as the relocation could signify a loss for that area. The board emphasized the importance of balancing economic development across the state while fostering job creation in Tennessee.