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Tennessee State Funding Board approves three Fast Track grants for manufacturers
Summary
The board approved three Fast Track awards — to MOLLE Industries; Nidec Motor Corporation; and Lochinvar LLC — supporting 300 net new jobs and roughly $92.9 million in capital investments, staff said. Two awards include accountability agreements; a training grant to Lochinvar is reimbursed by headcount.
The Tennessee State Funding Board on Oct. 20 approved Fast Track economic development awards for three manufacturing projects expected to create 300 net new jobs and support about $92.9 million in capital investment across Hamblen, Henderson and Wilson counties.
Jessica Johnson, assistant commissioner of administration at the Tennessee Department of Economic and Community Development, told the board: "Our previous Fast Track balance as of our last report was $691,800,000." She said newly deobligated funds of $1,800,000 and $238,000 in Fast Track administration costs produced an adjusted Fast Track balance of $683,800,000, and that total committed funds stood at $491,900,000, leaving an uncommitted Fast Track amount of $192,000,000. Johnson said the board's staff reported…
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