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State Funding Board approves $6 million Fast Track grant for Create Energy to expand manufacturing hub in Orlinda
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Summary
The Tennessee State Funding Board on April 20 approved a $6 million Fast Track economic development grant to Create Holdings LLC / Create Energy LLC to convert a 338,000 sq ft Orlinda facility into a manufacturing hub, a company commitment McWhorter said will create 1,003 net new jobs over five years.
The Tennessee State Funding Board on April 20 approved a $6,000,000 Fast Track grant to Create Holdings LLC / Create Energy LLC to support conversion of a 338,000-square-foot facility in Orlinda into a manufacturing hub, Commissioner Stuart McWhorter said.
McWhorter, commissioner of the Department of Economic and Community Development, said Create Energy, founded in 2023 and headquartered in Portland, has committed to create 1,003 net new jobs and make "just over a $78,000,000 capital investment within 5 years." He said the company would pay an average hourly wage of $27.96 compared with the county median wage of $20.72.
Jessica Johnson, assistant commissioner, presented the Fast Track program's financial picture before the vote. She reported a previous balance of $686,500,000, $4,900,000 in newly deobligated funds, $2,300,000 in Fast Track grants approved under $750,000, and $175,000 in administration, leaving an adjusted available balance of $689,000,000. Commitments totaled $561,700,000, leaving an uncommitted Fast Track balance of $127,300,000 (81.5% committed). Johnson said the proposed $6,000,000 grant would reduce the uncommitted balance to $121,300,000 and raise the percent committed to 82.4%.
Board members asked about the project's workforce and accountability measures. Chair asked where the workforce for more than 1,000 positions would come from; McWhorter replied, "We're doing everything we can," and said the department had supported regional infrastructure improvements in prior years, including additional water capacity. When the chair asked whether the company had completed the incentive acceptance form, the Fast Track checklist, and whether an accountability agreement was included, McWhorter said yes to each question.
The board recorded a motion and a second and approved the grant by voice vote.
The Fast Track program award is intended to offset costs such as building expansion and retrofit improvements. The board took no additional steps beyond approving the grant; there was no public comment on the item at the meeting.
