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North Gulch Gateway, (Tennessean site) Phase II: Gulch Central (41 story residential/hotel, 28 story office, 6 story mixed-use); Phase I: Asurion HQ (10 & 11 stories)


markhollin

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It is good news if the Asurion build is taking the entire parcel. My question was asked because of this picture posted earlier in the thread. In it you can see the yellow area (designating the building) does not encompass the greenway. tree line, or the larger parking lot  abutting the railroad tracks. 

 39225845295_67cc73604e_b.jpg&key=b5e5c7f

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Asurion is going to receive a $4.4 million state grant on May 16th from the State Funding Board.  They expect to move 1,600 existing jobs under one roof at their new HQ along Church St., and add another 400 jobs after the structure is complete in 2021.

The pending grant is on par with the $4.43 of state grants Asurion received in fall 2013 for a previously announced 800-job expansion.

It's unclear what Metro incentives Asurion could receive. Metro can award up to $500 per new job, per year, for a time period of seven years. By that math, Asurion might receive as much as $1.4 million for its planned 400 new jobs. In 2015, Asurion received $1.25 million of incentives from Metro for an expansion in Antioch.

It's also unclear what incentives Asurion is receiving from the Tennessee Valley Authority.

More behind the NBJ paywall here:

https://www.bizjournals.com/nashville/news/2018/05/11/one-of-nashvilles-biggest-companies-lands-grant.html

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Asurion is going to receive a $4.4 million state grant on May 16th from the State Funding Board.  They expect to move 1,600 existing jobs under one roof at their new HQ along Church St., and add another 400 jobs after the structure is complete in 2021.

The pending grant is on par with the $4.43 of state grants Asurion received in fall 2013 for a previously announced 800-job expansion.

It's unclear what Metro incentives Asurion could receive. Metro can award up to $500 per new job, per year, for a time period of seven years. By that math, Asurion might receive as much as $1.4 million for its planned 400 new jobs. In 2015, Asurion received $1.25 million of incentives from Metro for an expansion in Antioch.

It's also unclear what incentives Asurion is receiving from the Tennessee Valley Authority.

More behind the NBJ paywall here:

https://www.bizjournals.com/nashville/news/2018/05/11/one-of-nashvilles-biggest-companies-lands-grant.html



At some point doesn’t this corporate welfare need to stop?
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41 minutes ago, DeemonBruhn said:

 


At some point doesn’t this corporate welfare need to stop?

 

It’s disturbing, but I just don’t think it’s going to stop anytime soon. Companies aren’t going to stop seeking incentives (they have, like someone posted in regards to AB, a fiduciary responsibility to seek them), and governments aren’t going to stop offering them when there’s a threat the jobs will go elsewhere. 

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I agree about corporate welfare and it is something I would like to see stopped, but it has to be nationwide or they will continue to pit cities/states against each other.  It is nothing short of legal blackmail, but it works for big companies and they will continue until something is done on a federal level, which I don't see happening under either party. 

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15 hours ago, jmtunafish said:

I'm glad Tennessee hasn't (yet) sold its soul the way Alabama and Mississippi have in order to lure flashy factories.

Volkswagen says "hi!"

1442977890_102112cVW19_t755_he3c26f2a0ab

It was down to Michigan and Tennessee, and Michigan's incentive package was described by VW as only slightly more generous than Tennessee's.

Edited by urbanplanet17
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19 hours ago, jmtunafish said:

The state of Alabama paid Mercedes $253 million in 1993 to build its first U.S. assembly plant just outside of Tuscaloosa.  That's $169,000 per job.  In 1993 dollars.

Just to play devil's advocate, it's also about $6,800 per job per year, a number which decreases the longer Mercedes stays in Alabama.

The average salary at that plant is $60,000 per year in 2018.

Is the money brought into the state at those salaries worth paying ten cents on the dollar? Especially considering the workers pay five cents of it back through income taxes.

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14 minutes ago, wreynol4 said:

This kind of stuff does not belong in the downtown core. 

Disagree. Because it’s jobs in downtown Nashville. 

I don’t like the design of Nissan North America’s building in cool springs, but would I take that same building somewhere downtown? Yes. 

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