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Tennessee approves eight Fast Track grants totaling $20.9 million for manufacturing, aviation and IT projects
Summary
The Tennessee State Funding Board approved eight Fast Track economic development awards recommending $20.9 million in grants to support projects that the Department of Economic and Community Development says will spur building retrofits, new construction, job training and capital investment across the state.
The Tennessee State Funding Board on Feb. 13 approved eight Fast Track economic development awards totaling $20,900,000, funding Department of Economic and Community Development proposals to support manufacturing, aviation, and IT-sector expansions across the state.
Assistant Commissioner Jessica Johnson presented the Fast Track financial report and recommended awards, saying, "As of our previous meeting, our Fast Track balance was $614,200,000. New appropriations amount to 1,800,000. Newly deobligated funds, 20,900,000. Fast track funds transferred, 350,000. Fast track grants approved less than 1,738,000. Fast track administration, 611,000. For an adjusted fast track balance available of $634,900,000. Today's proposed grants amount to $20,900,000." The board approved the slate by voice vote after a short discussion.
Why it matters: The grants are intended to reduce upfront costs for expansions, retrofits and training tied to private-sector projects that department staff said will create new jobs and capital investment in multiple Tennessee counties.
Details of approved projects (as presented):
- Aon Inc., Memphis (Shelby County): Aon selected the former American…
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