News Summary
Tennessee is set to enhance economic growth with over $17 million in Site Development Grants awarded to 11 rural communities. These funds aim to improve infrastructure and support vital projects, fostering job creation and economic stability across the state. Governor Bill Lee emphasizes the importance of investment in shovel-ready industrial sites to attract new businesses, marking a significant step towards long-term economic sustainability for Tennessee’s rural areas.
Tennessee is set to receive a significant boost in economic growth as Governor Bill Lee and Economic and Community Development Commissioner Stuart C. McWhorter announced the award of over $17 million in Site Development Grants to 11 communities across the state. These grants are aimed at improving infrastructure and engineering to support vital economic development projects in predominantly rural areas.
The funding is a part of the Rural Economic Opportunity Act, which is designed specifically to enhance economy-related initiatives in Tennesseeโs rural communities. The grants awarded in this latest round will facilitate various projects, including property clearing, infrastructure improvements, and speculative building constructions.
Since the inception of the Site Development Grant program in 2016, the Tennessee Department of Economic and Community Development (TNECD) has awarded a total of 191 grants, amounting to nearly $100 million. This funding has reportedly been instrumental in creating over 7,091 new jobs within the state, affirming the program’s role in promoting economic stability and growth.
The breakdown of the most recent grants is as follows:
- Trenton IDB Building: $20,000 for due diligence.
- Northwest TN Regional Industrial Center: $1,100,000 for property clearing and grading.
- Clarksville Montgomery County North Industrial Park: $600,000 for access road construction and due diligence.
- Manchester Industrial Park: $1,610,450 for sewer infrastructure.
- East TN Progress Center Lot 10: $4,000,000 for speculative building construction.
- Smith Property: $1,937,050 for property purchase.
- Clarkrange Regional Business Park: $100,000 for due diligence.
- Airport Industrial Site: $66,500 for due diligence.
- Runway Centre Industrial Park: $3,500,000 for speculative building construction.
- Spring Branch Industrial Park Lots 8 & 9: $2,946,186 for property grading.
- Paris-Henry County Industrial Park: $1,123,760 for property clearing and due diligence.
The grant applications underwent a thorough evaluation process by an advisory committee that consisted of representatives from TNECD, Austin Consulting, Tennessee Valley Authority, the Department of Environment and Conservation, and the Department of Transportation. Each application received support from the communityโs senator and representatives within the Tennessee General Assembly, highlighting the collaborative effort behind these projects.
Governor Lee emphasized that having shovel-ready industrial sites is crucial for attracting new businesses to Tennessee. By investing in these infrastructure improvements, the goal is not only to enhance the physical landscape of these rural areas but also to stimulate local economies and create job opportunities. This investment marks a pivotal stride towards fortifying Tennesseeโs economic framework, particularly in areas that have historically experienced economic challenges.
This latest funding round is expected to accelerate growth in the awarded regions by facilitating immediate project needs, from construction to proper infrastructure, thereby directly impacting job creation and overall economic health. As Tennessee continues to invest strategically in its rural communities, stakeholders see this as an essential step towards long-term economic sustainability and growth.
Deeper Dive: News & Info About This Topic
- TNECD: Governor Lee & Commissioner McWhorter Announce Site Development Grant Recipients
- Google Search: Tennessee Site Development Grants
- TNECD: New Site Development Grant Recipients
- Wikipedia: Economic Development in Tennessee
- WBIR: Site Development Grants Total Millions for Tennessee Communities
- Encyclopedia Britannica: Economic Development
- IndHerald: Winfield Receives $100,000 to Prepare
- Google News: Tennessee Economic Grants
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