Image Credit: Erik Mclean / Unsplash
The Center Square [By Jon Styf] –
Custom Foods of America in Knoxville will receive a $1.5 million incentive while NewBasis in Lebanon will get $900,000 from Tennessee’s Department of Economic and Community Development as more than $10 million in incentives were approved unanimously without board discussion at Thursday’s State Funding Board meeting.
Custom Foods of America committed to make a $51 million investment over five years that will lead to 249 net new jobs with an average hourly wage of $20.90 while NewBasis committed to a $16.3 million investment that will lead to a promised 249 net new jobs with an average hourly wage of $21.96.
The NewBasis facility in Lebanon will be the company’s first location outside of its headquarters in California. The company manufactures fiberglass and polymer concrete below-ground enclosures and utility pads.
The board also approved a $5 million incentive for Axle Logistics and its $37.9 million expansion in Knoxville with 651 net new jobs and an average hourly wage of $57.52.
Genera’s Vonore Fiber Products in Monroe County will receive $2.25 million for a $346 million capital investment over five years and 231 net new jobs at a rate of $30.69 per hour.
Florim USA will receive $1 million for an additional $39 million investment at its Clarksville manufacturing facility for an additional 127 net new jobs at $21.82 average hourly wages. Florim previously received $700,000 in 2021 during the first phase of its three-part expansion that amounted to $1.7 million in incentives for a $138 million capital investment from the company.
All of the grants are FastTrack grants, sent to companies to help offset the costs of expanding or moving into the state with the goal of increasing the number of full-time jobs and the average wages of jobs available in an area.
The TNECD recently asked for $78 million in additional budget for its FastTrack grants next fiscal year.
The department’s FastTrack program currently has a $133.8 million balance of uncommitted funds with 80% of its overall FastTrack balance of $674 million committed to send to companies building or expanding across the state.
About the Author: Jon Styf, The Center Square Staff Reporter – Jon Styf is an award-winning editor and reporter who has worked in Illinois, Texas, Wisconsin, Florida and Michigan in local newsrooms over the past 20 years, working for Shaw Media, Hearst and several other companies. Follow Jon on Twitter @JonStyf.
