NASHVILLE - The House Finance Committee today approved a $106.4 million bond authorization bill that includes $29.4 million for infrastructure at Wacker Chemical's $1.45 billion plant in Bradley County.
The money, which is being funneled through the Southeast Tennessee Development District, is going toward acquisition of equipment and site preparation and development including but not limited to sewer, water, utility infrastructure and rail infrastructure.
Wacker is building the plant, which will employ 650 people, to manufacturer polysilicon used in solar panels. The groundbreaking ceremony was held last week.
The remaining $77 million in bonds from the bill would go toward state commitments to a Electrolux Home Products plant in Memphis.
According to a fiscal analysis, the $106.4 million bill will cost the state $67.03 million in interest over the 20-year life of the bonds.
The bill has not started moving in the Senate.