$6 million Alstom settlement vote delayed

$6 million Alstom settlement vote delayed

February 14th, 2017 by Paul Leach in Breaking News

Staff photo by John Rawlston/ The GE Power plant, on Riverfront Parkway in downtown Chattanooga that formerly belonged to Alstom, is slated to shut down manufacturing operations at the end of 2016.

Photo by John Rawlston /Times Free Press.

The Chattanooga City Council will postpone its decision on a $6 million settlement from GE Power.

The council had expected to vote on the matter today.

The settlement amounts to a partial recoupment of tax breaks given to Alstom's Riverfront Parkway steam turbine manufacturing plant in a 2008 agreement. Alstom failed to reach hiring and expansion goals set out in the agreement and GE closed the plant late last year after purchasing it in 2015.

Today, Stacy Richardson, chief of staff for Chattanooga Mayor Andy Berke, told the council the agreement will be ready soon.

"We are working on finalizing details and we anticipate bringing back to the council in the next couple of weeks for a final vote," Richardson said.

She added the administration was also preparing some figures for Councilman Chip Henderson.

Last week, Henderson asked for Alstom hiring numbers to see if the company had partially met any employment benchmarks.

The city's legal counsel initially asked for $13 million.


Loading...