Middle Tennessee is fortunate to have a variety of qualities that put us on the short list for major relocation and expansion decisions, including our low cost of doing business, affordable cost of living, high quality of life and talent availability. Still, creating jobs sometimes involves offering
incentives.
We know that a multiplier effect exists whenever jobs are created. Businesses not only hire people, they also fuel the economy by hiring local vendors, stimulating home sales and, especially in the case of corporate headquarters, adding to corporate philanthropy in the community. That's why economic development incentives are such a critical tool to the future prosperity of the region.
This week, the Tennessee General Assembly is considering legislation that would help the Tennessee Department of Economic and Community Development bring more jobs to the state by expanding the use of the FastTrack program. FastTrack funds are currently used for infrastructure improvements where a private sector business commits to locate or expand in the state and to create or retain jobs.
SB 2206/HB 2344 would expand the program to include uses such as relocation expenses, temporary office space and capital improvements, while adding some additional reporting requirements. This bill is separate from the ongoing discussion about public disclosure related to economic development projects.
Today’s
Tennessean includes an
opinion piece on the proposed FastTrack expansion by Chamber board member and Prosperity Leader Bob Grimes of Turner Construction.
By using the Nashville Area Chamber's
Business Voice tool, you will be able to connect directly with your legislators to urge them to vote for SB 2206/HB 2344.