CLARKSVILLE, TN (CLARKSVILLE NOW) – EV battery manufacturing is ramping up in Clarksville, with big announcements from LG Chem and Microvast. Now, another company is looking to join the effort, bringing big benefits to the local work force.
At the Clarksville-Montgomery County Industrial Development Board (IDB) meeting on Wednesday, officials unveiled “Project Atlantic,” which will bring 68 high-wage jobs to Clarksville ranging from $55,000 to $150,000 per year.
Shea Hopkins, executive director of the IDB, said the project is a $70 million capital investment featuring high-wage jobs with an in-house training program. The project will be built on Site 9 of the industrial park.
“It is 16 buildable acres and 24 acres that are in a 100-year flood plain. This property has been appraised twice, so it was appraised in 2021, and the price was for $58,000 per buildable acre and $11,600 (per acre) for the flood zone,” Hopkins said.
She explained that the latest appraisal was for $90,000 per buildable acre and $13,500 per acre in the flood zone. However, with that latest appraisal, the land will be sold at the 2021 rate to offset the cost of getting the land ready for development.
“The big reason for that discount is to offset the grading. This is a difficult site,” Hopkins told the board. “We had TTL do a mass grading estimate, and it was over $3 million.”
While the name of the company has not been disclosed, Hopkins said it is an international company in the EV supply chain supplying components to LG Chem and to other manufacturers. “It’s a good company, (and) it was a competitive project,” she said during the meeting.
Hopkins told the board the company has qualified for a Tier 3 10-year PILOT featuring a 31% tax discount over the term.
“They will be generating over $3 million in estimated tax revenue in the first 10 years even with this PILOT,” she said. “We’ll start seeing tax revenue from this project in year one.”
On Wednesday, IDB officials unanimously approved the land sale agreement and the 10-year PILOT.
Other IDB matters
In other action, the IDB gave final approval for the purchase and sale agreement for Kewpie, one of Japan’s top brands for mayonnaise and salad dressing. Kewpie will create 85 new jobs paying over $18 an hour in Montgomery County through its second Q&B Foods facility. The company will also be located in the Industrial Park on a 20-acre site off Corporate Parkway Boulevard known as Site 23A.
Additionally, the board highlighted that the $3.2 billion LG Chem plant was recently named the 2022 foreign direct investment of the year by Business Facilities.