Bradley County: Industrial board approves incentives

CLEVELAND, Tenn. — A prospective $1 billion manufacturing plant in northern Bradley County got a green light Tuesday from the Cleveland/Bradley Industrial Development Board.

Board members unanimously approved the payment-in-lieu-of-taxes plan, one day after the Bradley County Commission did the same.

The deal includes a local match of up to $5 million for state infrastructure grants. A provision in the proposed agreement allows the county to renegotiate its contribution if the company does not meet its employment and investment goals by 2017, Chamber of Commerce President Gary Farlow said.

“It’s what is usually termed a ‘clawback’ provision,” Mr. Farlow said.

The unnamed company, described only as an international company and the very largest at what it does, expects to bring about 600 jobs with an annual average wage of more than $40,000. Two years of planning and three years of construction lie ahead, if the company makes an announcement early next year.

“No one is taking resumes just yet,” Mr. Farlow said.

The company has asked local officials to take an oath of confidentiality concerning its name, country of origin and product. Its contacts with local officials come through a business entity registered in Chattanooga under the name MM-Cleveland TN LLC.

Ross Tarver, Industrial Development Board chairman, said Tuesday the company is pleased with how confidentiality has been maintained over two years of negotiations.

“We are very close to something very important here,” Mr. Tarver told the board. He reminded members to be careful not to reveal that information in what could be the final month or two before an announcement.

The project includes about 550 acres in northern Bradley County, including land currently owned by Wright Brothers Construction and Olin Chemicals. Since Olin is a publicly traded company, its board of directors is expected to sign off on the plan by the end of the year.