Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Commission approves pilot agreement for Alta Alloys plant; company to invest $20 million, add 45 jobs
Summary
The City Commission unanimously approved a pilot (tax incentive) agreement for Alta Alloys, a manufacturer that will occupy a speculative building in the Henderson Interstate Industrial Park. Officials said the project represents about a $20 million investment and an expected 45 new jobs with an average hourly wage of $42.06.
The Franklin City Commission voted unanimously to approve a pilot agreement for Alta Alloys to locate a manufacturing facility in the Henderson Interstate Industrial Park.
Industrial‑authority staff said the project represents roughly a $20,000,000 investment and is expected to create about 45 jobs. The presenter said the average hourly wage at the facility will be $42.06, which the staff equated to an average annual salary of roughly $82,000.
The agreement’s structure, as described at the meeting, will make the school board whole (100%) during the initial 20 years of the agreement; in years 16–20 the city and the county are projected to be 75% whole under the terms described by staff. The county and the school board had already signed the pilot agreement prior to the commission’s action.
The commission’s action
Commissioner Stewart moved to approve the pilot agreement and authorize the mayor to sign; Commissioner Powell seconded. The motion passed unanimously.
What officials said
Speakers said Alta Alloys had purchased a speculative industrial building in the park and was working with the city’s engineer on pre‑construction items. The agreement is the final local approval the company needed to proceed, officials said.
This article uses quotes and figures provided during the commission meeting and does not alter the agreement terms discussed on the record.
