Tennessee has approved $65 million in incentives for Oracle, as the company prepares to make a $1 billion investment in the state.
Oracle is planning on opening an office in Nashville, and has already purchased 60 acres for $254 million. The company also offered an upfront investment of $175 million toward public infrastructure projects, such as environmental cleanup, a pedestrian bridge across the Cumberland River, a riverfront park and a sewer pump station, according to the Chattanooga Times Free Press.
Most significantly, Oracle plans on bringing 8,500 jobs to the state, with an average pay of $110,000.
A state panel has now voted to grant Oracle $65 million in incentives to sweeten the deal. Half of the company’s estimated $18 million in annual property tax will go back to the company to reimburse its upfront investment, while the other half will go to the city.