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State approves three fast-track grants to manufacturers in Bradford and Morristown
Summary
The Tennessee State Funding Board on June 23 approved three fast-track economic development grants that would help TIRAC LLC in Bradford and two Morristown businesses expand operations. The projects together promise more than 500 net new jobs and about $37.6 million in capital investment commitments over five years, according to Department of ECD.
The Tennessee State Funding Board on June 23 approved three fast-track economic development grants to support manufacturing expansions in Bradford and Morristown.
Stephanie Burnett, budget and financial operations administrator with the Department of Economic and Community Development, presented the projects and financials. She said the three projects would create a combined 536 net new jobs and represent about $37.6 million in capital investment over five years. The proposed fast-track grant amounts presented were $1,000,000 for TIRAC LLC, about $1,400,000 for Halmet Castings/ Halmet Aerospace, and $800,000 for Summertown Metals of Morristown LLC.
The projects described were:
TIRAC LLC (Bradford, Gibson County): The company will establish a quick-response manufacturing cell in a renovated 33,000-square-foot facility and said it would double its current headcount, committing to create 99 net new jobs and a $7,100,000 capital investment. The presentation said the average hourly wage for the new TIRAC positions would be $29.50 compared with the county median of $18.50 an hour.
Halmet Castings and related entities (Morristown, Hamblen County): The expansion would increase ceramic core production capabilities. Presenters said Halmet committed to 267 net new jobs and a $27,900,000 capital investment within five years, with an average hourly wage for the new positions of $20.52 compared with the county median wage of $18.35 an hour. The fast-track grant amount presented for this project was just over $1,400,000.
Summertown Metals of Morristown LLC (Morristown, Hamblen County): The company plans additional space for metal roll forming, truss manufacturing and warehousing. Presenters said Summertown committed to 170 net new jobs and a $22,600,000 capital investment within five years with an average hourly wage of $27.86 compared with the county median wage of $18.35 an hour. The requested fast-track grant amount was $800,000.
Board members asked whether incentive acceptance forms, checklists, and accountability agreements had been completed. Sandy Thompson and Burnett confirmed that the checklists were complete and that all three projects include accountability agreements providing protections to the state if an entity fails to meet its commitments.
A motion to consider the three items was made, seconded and approved by voice vote. The board did not record a roll-call tally in the meeting transcript; the clerk recorded the outcome as approved.
