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UPDATE: Amazon to invest $230M, add 5,000 jobs in Nashville

Gov. Bill Haslam announces on Nov. 13, 2018, that Amazon will locate its East Coast logistics hub in Nashville. (Erik Schelzig, Tennessee Journal )

Here’s a press release from Amazon outlining its $230 million and adding 5,000 jobs in Nashville.

Amazon’s new Operations Center of Excellence in Nashville

  • Downtown Nashville, along the Cumberland River, is the heart of the city just north of the Gulch and is home to urban living, retail, restaurants, entertainment venues, hospitality, open green spaces, and offices. The area is served by commuter rail, more than a dozen bus routes, and is a 15-minute drive to Nashville International Airport.
  • As part of Amazon’s investment, Tennessee, Davidson County and the city of Nashville will benefit from 5,000 full-time, high-paying jobs; over $230 million in investment; 1 million square feet of energy-efficient office space; and an estimated incremental tax revenue of more than $1 billion over the next 10 years as a result of Amazon’s investment and job creation.
  • Amazon will receive performance-based direct incentives of up to $102 million based on the company creating 5,000 jobs with an average wage of over $150,000 in Nashville. This includes a cash grant for capital expenditures from the state of Tennessee of $65 million based on the company creating 5,000 jobs over the next 7 years, which is equivalent to $13,000 per job; a cash grant from the city of Nashvilleof up to $15 million based on $500 for each job created over the next 7 years; and a job tax credit to offset franchise and excise taxes from the state of Tennessee of $21.7 million based on $4,500 per new job over the next 7 years.

“We want to thank Amazon for its continued investment in the state of Tennessee and are excited about the additional 5,000 corporate jobs they will be creating in Nashville,” said Governor Bill Haslam of Tennessee. “It has never been clearer that Tennessee is a great place to do business, and we continue to attract a wide variety of global companies that provide high-paying, quality jobs for our residents.”

“Amazon’s decision to expand its presence in Nashville is a direct result of the talented workforce and strong community we’ve built here,” said Mayor David Briley of Nashville. “These are quality, high-paying jobs that will boost our economy, provide our workers with new opportunities, and show the rest of the world that Nashville is a premiere location for business investment. We thank Amazon for investing in Nashville, and we look forward to welcoming them to this community.”

8:49 a.m.: Reuters reports that while Nashville might not have made the final cut for Amazon’s second headquarters (that one appears to be a split decision between New York and northern Virginia),  the Tennessee capital is in line for a separate East Coast hub of operations. That decision will be good for 5,000 new corporate jobs in the city, according to the news services’ sources.

A press conference for an unspecified “significant economic development announcement” was scheduled for 9:30 a.m. Central at the state Capitol.