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Industrial Development Board approves $525,000 incentive payout to AllianceBernstein
Summary
The Industrial Development Board approved the second of seven annual incentive payments to AllianceBernstein on May 14, authorizing $525,000 tied to 50 qualifying jobs in Nashville.
NASHVILLE — The Industrial Development Board on May 14 approved an annual incentive grant payout to AllianceBernstein in the amount of $525,000, the second payment under a multi‑year agreement intended to support the firm's relocation and hiring in Nashville.
Carl Spruill, chief operating officer of AllianceBernstein’s Nashville operation, told the board the firm now employs roughly 1,050 people in Nashville and has committed to local workforce training programs, an associate training pipeline and community donations. "We're proud to call Nashville our home," Spruill said during the presentation.
The incentive follows the structure adopted when AllianceBernstein relocated part of its operations to Nashville: the grant pays $500 per qualifying new job. Metro Legal and Metro Finance confirmed the firm provided required verification and third‑party audit materials; Metro staff told the board 50 jobs qualified for the current year’s payment.
Board members asked about in‑office reporting and remote‑work policies after the city’s "do better" demographic reporting requirements and the COVID era’s remote work changes. Jamari Brown, Metro senior director of Economic and Community Development, said the most recent contract language requires a reporting standard tied to employees’ office presence for counting toward the incentive. Brown cited other contracts with employers that specify a minimum in‑office requirement.
The motion to approve the $525,000 payment passed; the chair recorded an abstention.
AllianceBernstein representatives highlighted local hiring and community engagement: the company reported that 77% of its Nashville employees live in Davidson County, it provided $1.2 million in charitable donations last year and the firm runs an associate program that feeds entry‑level hires into company roles.
Action: the board approved the annual incentive grant payout of $525,000 to AllianceBernstein; the payout is the second annual payment under the original multi‑year agreement.
