Tennessee Funding Board To Approve $3M In Business Incentive Grants
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The Center Square [By Jon Styf] –
Tennessee has promised $3.5 million combined in incentives to three companies so far in March.
That comes after the state’s Department of Economic and Community Development committed to $2.1 million combined in FastTrack grants to six companies in February.
The latest incentives are set to be approved by the State Funding board Monday.
At the meeting, the board is expected to approve $2 million for Formulated Solutions Cleveland LLC and $1 million for NYX Linden in Perry County. A $525,000 grant to Otics USA, Inc., in Hamblen County has also been awarded.
FastTrack grants are state grants sent to local governments for specific infrastructure improvements or 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 projects were previously announced by the TNECD but the announcements did not include disclosure of incentive promises to the companies.
NYX Linden designs and manufactures automotive parts, including door panels, center consoles and grab handles. The company is set to spend $10.4 million to expand its Linden manufacturing facility and add 137 jobs with 16,000 square feet of space added to its molding bay and 24,000 square feet added to its shipping warehouse.
Formulated Solutions is a Florida-based company set to spend $43.6 million to operate at a 455,000-square-foot former Beiersdorf facility in Cleveland. It plans to hire 380 new staff members and employ a “substantial majority” of former Beiersdorf employees.
The company makes aerosols and barrier pressurized packs, tubes, liquids and semi-solids, including over the counter, medical device and branded prescription drugs.
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.
How about doing more to help existing businesses expand? And STOP giving money to Woke businesses like Amazon and to tech businesses – 90% of their employees are Libs – if we aren’t careful we’ll end up like Arizona which has turned Woke because of the Phoenix Libs.