Oracle, 60 acres at River North, 1,200,000 sq. ft. of space, $1.2B Investment, 8,500 jobs

[markhollin]

Additional specifics that will be up for debate and vote regarding Oracle at Metro's Industrial Development Board Meeting on April 27th:
 

• At the full projected headcount of 8,521 employees, Oracle's annual payroll would total $1.1 billion (for average pay-per-job of $129,093).
• Oracle would contribute $2 billion a year to the state's gross domestic product (which was $376 billion pre-pandemic; the Nashville metro area's tally was $138 billion).
• Construction would directly employ 10,051 full-time-equivalent workers who would earn an estimated $673.4 million of wages.
• Construction would generate $16.1 million in local sales taxes.
• Oracle will craft a plan to involve small, minority- and women-owned businesses in construction of the $175 million of public infrastructure. The goal will be funneling "at least twenty percent (20%), to the extent feasible, of the hard construction costs" to those kinds of companies.
• The 25-year clock on reimbursements to Oracle would begin immediately, which would mean the final payment would be made no later than 2046 (without interest).
• Oracle is not requesting Metro's standard jobs grant, which provides $500 cash per new job, in annual payments repeated for up to seven years.

More at NBJ here:

https://www.bizjournals.com/nashville/news/2021/04/23/oracle-proposed-campus-nashville-idb-vote.html

[DDIG]

5 hours ago, markhollin said:

Additional specifics that will be up for debate and vote regarding Oracle at Metro's Industrial Development Board Meeting on April 27th:
 

• At the full projected headcount of 8,521 employees, Oracle's annual payroll would total $1.1 billion (for average pay-per-job of $129,093).
• Oracle would contribute $2 billion a year to the state's gross domestic product (which was $376 billion pre-pandemic; the Nashville metro area's tally was $138 billion).
• Construction would directly employ 10,051 full-time-equivalent workers who would earn an estimated $673.4 million of wages.
• Construction would generate $16.1 million in local sales taxes.
• Oracle will craft a plan to involve small, minority- and women-owned businesses in construction of the $175 million of public infrastructure. The goal will be funneling "at least twenty percent (20%), to the extent feasible, of the hard construction costs" to those kinds of companies.
• The 25-year clock on reimbursements to Oracle would begin immediately, which would mean the final payment would be made no later than 2046 (without interest).
• Oracle is not requesting Metro's standard jobs grant, which provides $500 cash per new job, in annual payments repeated for up to seven years.

More at NBJ here:

https://www.bizjournals.com/nashville/news/2021/04/23/oracle-proposed-campus-nashville-idb-vote.html

I mean, deals don't get much better than that for a city.

[nashvylle]

12 minutes ago, DDIG said:

I mean, deals don't get much better than that for a city.

I agree. I am curious to see if Cooper basically told the state if they want Oracle they have to pay 100% of the incentives, and the state took it...

However I am concerned overall for Nashville's affordable housing. 

[DDIG]

4 minutes ago, nashvylle said:

However I am concerned overall for Nashville's affordable housing. 

That's a long-term problem with or without Oracle. One thing that would help - hey planning, ramp up the density and allow residential towers as tall as they want to go in the downtown core.

[Luvemtall]

24 minutes ago, DDIG said:

I mean, deals don't get much better than that for a city.

Right!!! I keep pinching myself, to make sure I’m not dreaming. This is real, and if anyone screws it up, shame on them. Every city and town there is, would bend over backwards for a deal like this. Nashville come on get it done!!!

[NashRugger]

16 minutes ago, nashvylle said:

I agree. I am curious to see if Cooper basically told the state if they want Oracle they have to pay 100% of the incentives, and the state took it...

However I am concerned overall for Nashville's affordable housing. 

Unfortunately it'll probably be a few decades before it truly cools off. Nashville, and many secondary cities, are shining in the 21st century that only continues to get brighter, for good or bad.

[markhollin]

[downtownresident]

Standup Nashville / The Equity Alliance come out in opposition to Oracle proposal: https://tntribune.com/community-organizations-say-nashville-doesnt-need-oracle/

[DDIG]

3 hours ago, downtownresident said:

Standup Nashville / The Equity Alliance come out in opposition to Oracle proposal: https://tntribune.com/community-organizations-say-nashville-doesnt-need-oracle/

Sigh. Perfectly find to have questions and argue for more. But this tone is not productive - as if running off Oracle will free up the capacity and money to do all the things they want. Nashville is a growing city and that isn't stopping, we should grow the best possible way but the idea we must start fighting companies and high paying jobs from coming here is insane.

[carolina1792]

3 hours ago, downtownresident said:

Standup Nashville / The Equity Alliance come out in opposition to Oracle proposal: https://tntribune.com/community-organizations-say-nashville-doesnt-need-oracle/

Same thing happened in Raleigh with Apple back during the HB2 fiasco however today it was announced that Apple will be building a 3,000 employee campus in RTP. So if Oracle really wants a Nashville campus they will build it regardless.

[downtownresident]

18 minutes ago, DDIG said:

Sigh. Perfectly find to have questions and argue for more. But this tone is not productive - as if running off Oracle will free up the capacity and money to do all the things they want. Nashville is a growing city and that isn't stopping, we should grow the best possible way but the idea we must start fighting companies and high paying jobs from coming here is insane.

StandUp Nashville voiced similar concerns when the Amazon package was up for vote, I don’t think they will sway council much on this. Hopefully the public meeting tomorrow isn’t a complete mess and goes smoothly. 

[MLBrumby]

Don't know about that organization specifically, but I have first-hand experience with groups in Chattanooga and Atlanta that many oppose large projects to get some leverage from the entities involved (e.g. the company, elected officials, fundraising et.al.).  NPOs have attempted extortion for as long as they've been around. Sometimes they succeed; but most of the time they merely discredit their reputations. 

[MLBrumby]

On 4/24/2021 at 7:11 AM, markhollin said:

Brett, this site looks like it's about 500 feet south of where the Oracle renderings show a pedestrian bridge. As a Metro councilman, can you tell us what sorts of legal issues will need to be addressed by a private entity (with Metro) building a new bridge over a public waterway, such as minimal clearance and flood abatement.  I'd expect the Army Corps of Engineers have specific requirements.  Finally, did the special "tax" (I forget what it's called) for that section of the East Bank pass on final approval?  Will the revenues be used to pay down the infrastructure costs or will that amount be dedicated exclusively to property maintenance? 

Edited April 28, 2021 by MLBrumby

[MLBrumby]

Was the upgrade even tested thoroughly?!?  I just tried to edit what I typed above... it 'took' me into a wormhole of the first post I made in this thread.  Weird!?  And the contrast between comments and the type-box at the bottom are really difficult to see on my iPhone. 

I had guessed (with my limited Tech knowledge) that the lengthy loads were due to some restoration (reindexing) of previous comments on a thread I clicked on. But the time to load has not gotten shorter on those threads I have accessed since the 'upgrade'.  Was this done just to get more advertisers to fit on a page?  No doubt, loading ads will increase the time to load.

I think I'll just get off UP for a while and let you guys fix it.  I am going to open an account on Skyscraperpage for the time being. Also, I've noticed that Twitter has  UP content and other developer/architect content. 

Anyone else tried to edit a comment and been transported to another comment?  I did NOT post the previous comment that is showing on my monitor JUST NOW!   Just so you all know... I will NOT be a tester for untested technology.  Bye for now! 

[dmillsphoto]

17 minutes ago, MLBrumby said:

Was the upgrade even tested thoroughly?!?  I just tried to edit what I typed above... it 'took' me into a wormhole of the first post I made in this thread.  Weird!?  And the contrast between comments and the type-box at the bottom are really difficult to see on my iPhone. 

I had guessed (with my limited Tech knowledge) that the lengthy loads were due to some restoration (reindexing) of previous comments on a thread I clicked on. But the time to load has not gotten shorter on those threads I have accessed since the 'upgrade'.  Was this done just to get more advertisers to fit on a page?  No doubt, loading ads will increase the time to load.

I think I'll just get off UP for a while and let you guys fix it.  I am going to open an account on Skyscraperpage for the time being. Also, I've noticed that Twitter has  UP content and other developer/architect content. 

Anyone else tried to edit a comment and been transported to another comment?  I did NOT post the previous comment that is showing on my monitor JUST NOW!   Just so you all know... I will NOT be a tester for untested technology.  Bye for now! 

Users having issues please PM me.

The reindexing of the site is still ongoing and there's been noticeable improvement over the last 24 hours. Some bugs still being worked out but I highly recommend clearing your temp internet files from whatever browser you use. This should help with some of the performance as well.

[MLBrumby]

Will do. Thanks! Now using iPhone and it is a bit faster. I’ll try editing in a bit.  Also just thought about some ppl may have outdated versions of Windows. What’s the OS requirement for the upgrade?

OK... just tried to edit the previous message and went thru the ‘wormhole’ a aim. 

[smeagolsfree]

2 hours ago, dmillsphoto said:

Users having issues please PM me.

The reindexing of the site is still ongoing and there's been noticeable improvement over the last 24 hours. Some bugs still being worked out but I highly recommend clearing your temp internet files from whatever browser you use. This should help with some of the performance as well.

Thanks Daniel. I have been communicating with Neo through the IS as well, so if you have a way to let him know that is great!

[downtownresident]

Here is the actual plan being debated tomorrow: https://media.bizj.us/view/img/12001410/economic-impact-plan-river-north-final-n0405706xd719a.pdf

[downtownresident]

More reporting from today, from the business journal: https://www.bizjournals.com/nashville/news/2021/04/26/metro-oracle-industrial-development-board.html

Key quote: 

Notably, Equity Alliance co-founder Tequila Johnson is a member of the Industrial Development Board. Johnson said she will make a motion to postpone the board's scheduled Tuesday vote on the financing plan.
 

"As a member of the Industrial Development Board, I am appalled that we've only been given a few weeks to pretty much vote on a deal that is going to change our city's entire downtown," Johnson said. "We need more time to answer these questions. … We have to become an inclusive city, not just inclusive in the way that we look, but inclusive in the way that we do business … not just signing off on this deal because Oracle will give us infrastructure that a certain small percentage of people have demanded that they want. I don't care if this is the best deal the city has ever had. We need to set a higher precedent. If this is the best deal, then I know Nashville can do better."
 

I’d encourage anyone who is able to participate call in and voice your support. 

[MLBrumby]

12 minutes ago, downtownresident said:

"As a member of the Industrial Development Board, I am appalled that we've only been given a few weeks to pretty much vote on a deal that is going to change our city's entire downtown," Johnson said. "We need more time to answer these questions. … We have to become an inclusive city, not just inclusive in the way that we look, but inclusive in the way that we do business … not just signing off on this deal because Oracle will give us infrastructure that a certain small percentage of people have demanded that they want. I don't care if this is the best deal the city has ever had. We need to set a higher precedent. If this is the best deal, then I know Nashville can do better."
 

I’d encourage anyone who is able to participate call in and voice your support. 

Who appointed this person?  I just read the proposed plan, and can't find anything that puts Metro at inordinate risk, either financially or by obligation.  She comments on the "entire downtown" and those on this board would likely disagree that plan barely touches downtown but is likely to have impact during/after final buildout.  Notwithstanding her mischaracterization of the proposed location, she fails to describe the "change" in either positive or negative light.   Then she demands "more time."  This woman is on the IDB; was it not involved in drafting the agreement put before it now?  More time? I just read the whole document... IN 30 MINUTES!  I'll allow that someone unaccustomed to reading such documents may need more time, or even legal counsel (I don't think that's necessary however), but once again I point to my question about IDB being involved in this proposal.  Does she even know what dragging out negotiations with a company like Oracle could do to the whole negotiations?  I've seen business proposals scuttled for far less.  Her vague references to "small percentage" (based on what survey?) seem to be pulled from a dark, remote cavity somewhere only she knows.  She then says, "I don't care if this is the best deal"... and fails to define her "higher precedent".   IMHO she is grandstanding and just admitted to dereliction of duty. If one of my employees/associates had written a half-baked rebuttal filled with innuendo such as this, I'd fire him/her. 

[Luvemtall]

I have also just read the plan, and I agree with you. She should have been part of the conversation from the beginning. I’m sure there’s some things we are not aware of , but from all that has been public and talked about openly, this deal seems like the goose laying the golden egg! One that will help Metro with not only jobs , but with financial growth that is surely needed to get to fix what’s needed in ALL the neighborhoods. Residential neighborhoods don’t bring in the revenue that these high profile Downtown developments do, but they need the money from them! Don’t let the gift horse turn the other way.

[WebberThomas4]

I can’t make the call, but will definitely be emailing all of the board members later tonight. Here are their email addresses:

- [email protected]

- [email protected]

- [email protected]

- [email protected]

- [email protected]

- [email protected]

- [email protected]

- [email protected]

- [email protected]

[WebberThomas4]

31 minutes ago, WebberThomas4 said:

I can’t make the call, but will definitely be emailing all of the board members later tonight. Here are their email addresses:

- [email protected]

- [email protected]

- [email protected]

- [email protected]

- [email protected]

- [email protected]

- [email protected]

- [email protected]

- [email protected]

Should be [email protected]

[DDIG]

And we're back! Have we been down awhile or was that just me?

IDB passes 7-2 after a six hour (?) session.

[downtownresident]

On to Metro Council. Hopefully they don’t mess it up.