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State Funding Board approves $3.5 million in fast-track grants for Barrett Firearms in Murfreesboro and Hyosung in Memphis
Summary
The Tennessee State Funding Board on May 19 approved fast-track economic development grants totaling $3.5 million to support facility expansions by Barrett Firearms Manufacturing in Rutherford County and Hyosung in Shelby County.
NASHVILLE — The Tennessee State Funding Board voted May 19 to approve two fast-track economic development grants totaling $3,500,000 to help offset construction and property costs for manufacturing expansions in Murfreesboro and Memphis.
Commissioner Stuart McWhorter of the Tennessee Department of Economic and Community Development presented the projects, saying Barrett Firearms Manufacturing in Murfreesboro would receive a $2,000,000 fast-track grant. Barrett has committed to create 83 net new jobs and to make “just over $76,000,000” in capital investment within five years, with an average hourly wage of $31.05 compared with the Rutherford County median wage of $20.23. The funding board was told the grant will offset expenses such as new building construction and acquisition of real property.
The board also approved a $1,500,000 grant for Hyosung’s U.S. transformer manufacturing operations in Memphis. The presentation said the Memphis facility plans to expand operations on a 200-acre site and has committed to create 23 net new jobs and invest about $50,000,000 in capital within five years. The average hourly wage at the facility was reported as $29.04 compared with the Shelby County median wage of $21.47.
Board members asked standard compliance questions. The chair of the funding board confirmed that the companies had signed incentive-acceptance forms, that project checklists were completed, and that both projects include accountability agreements to protect the state if the entities do not meet their commitments. A motion to consider the projects was made, seconded and approved by voice vote; no roll-call tally was entered into the record.
The grants were presented as targeted to help cover costs tied directly to expansion and property acquisition and to support higher-than-county-average wages and new job creation in the two counties. No additional conditions or contingencies beyond the standard accountability agreements were discussed during the board’s vote.
The board moved on after the vote to other agenda items.
