State Funding Board approves eight Fast Track grants to support expansions across Tennessee

The Tennessee State Funding Board on Feb. 13 approved eight Fast Track economic development grants totaling about $20.9 million to support expansions by eight companies across the state, board members said at the board's meeting.

The awards were presented by Jessica Johnson, assistant commissioner at the Tennessee Department of Economic and Community Development, who said that as of the previous meeting the Fast Track balance was $614,200,000, with new appropriations of $1,800,000 and $20,900,000 in newly deobligated funds. After transfers, prior grants and administration the adjusted Fast Track balance available was $634,900,000, Johnson said; total committed funds were $373,900,000, leaving an uncommitted balance of about $261,000,000 (58.9% committed). Today's proposed grants of $20,900,000 would, she said, bring the uncommitted balance to $240,100,000 and raise percent committed to 62.2%.

Why it matters: the grants are intended to offset capital and retrofit costs tied to growth projects that the department says will create jobs and spur private investment in multiple regions of Tennessee.

Projects approved and key details

- Aon Inc., Memphis (Shelby County). Aon selected the former American Snuff facility in Memphis for new HVAC production operations and committed to create 828 net new jobs and a $238,000,000 capital investment within five years. Average hourly…