RUTHERFORD OKs 'TANGO'
BY: PAT HUNTER
The Nashville Tennessean newspaper just reported that the Rutherford Industrial Development Board approved two incentive packages for 'Project Tango'. Rutherford and Loudon County and three other Tennessee counties are vying for 'Project Tango'.
SOURCE: THE TENNESSEAN
IDB OKs long-term tax breaks for 'Project Tango'; potential for 1,100 jobs
Warehousing, distribution operation looking at 'Boro, La Vergne
MURFREESBORO — The Rutherford County Industrial Development Board approved two “aggressive” tax break plans this morning designed to lure an anonymous company operating under the name Project Tango.
The American company, which is a warehousing and distribution operation, is considering locations in Murfreesboro and La Vergne, as well as across Tennessee and in other states, for either a sort facility that would bring 1,150 jobs or non-sort facility that would bring 325 jobs, according to information presented to the board by Rutherford County Chamber of Commerce President Paul Latture. All jobs are to be full time and pay an average of $16.25 per hour.
The board approved a 20-year tax abatement on the sort facility for real and personal property taxes with the understanding the company will invest $87.5 million in the building and bring a total economic impact of $133.9 million.
Board members OK’d a 15-year abatement on personal property for the non-sort facility and seven-year break on real property based on a proposed company capital investment of $51.5 million and total economic impact of $82.6 million.
Latture told the board the proposals meet the Rutherford County Commission’s required 3-to-1 return on company investment to tax break.
Chamber of Commerce officials are required to keep the company’s name secret under a non-disclosure agreement, Latture said.
IDB Chairman Jim Baker pointed out that a few years ago the board probably wouldn’t have approved such tax breaks for a company, but with the county’s unemployment rate at 9.6 percent, the board must take “aggressive” action to compete with other counties and put people back to work.