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State Funding Board approves FastTrack grants for Crossville and Smyrna manufacturers
Summary
The State Funding Board approved two FastTrack awards March 23 for Durable Products LLC in Crossville and Tamco USA Inc. in Smyrna, totaling roughly $1.09 million in requested incentives and training funds and committing the companies to job-creation and capital-investment targets.
The Tennessee State Funding Board on March 23 approved two FastTrack economic development awards for manufacturing facilities in Crossville and Smyrna.
DECD staff presented the financing picture before details of the projects. Jessica Johnson said the FastTrack fund had an adjusted balance of $686.5 million, with total commitments of $548.5 million that left about $138 million uncommitted; the two projects presented would reduce the uncommitted balance by about $2 million to roughly $136 million.
Jamie Stit, assistant commissioner for business and workforce development, outlined the first project: Durable Products LLC, a Crossville-based manufacturer and a subsidiary of Greenliner LLC, plans to create 134 net new jobs and make a $27,254,000 capital investment over five years. Stit said the company’s projected average hourly wage for the new positions is $21.18 compared with a reported Cumberland County median hourly wage of $18.68. DECD requested a FastTrack economic development grant of $900,000 for the project.
Stit then described Tamco USA Inc.’s proposal for Smyrna in Rutherford County. Tamco, identified as a subsidiary of SPX Technologies, plans a roughly 150,000-square-foot manufacturing site, 242 net new jobs, and about $13 million in capital investment. Stit said the projected average hourly wage for new Tamco positions is $25.41 versus a county median of $21.56 and asked the board to approve $189,000 in FastTrack job training assistance funds.
After the presentations the board moved and seconded approval of both projects together; the board approved the items by voice vote with no opposition recorded.
Both projects include accountability agreements, DECD staff told the board, and presenters confirmed the companies had signed incentive acceptance forms and completed required checklists.
The board’s action was procedural approval of the grants; DECD staff retain responsibility for contract details and compliance monitoring.
