A battery materials maker eyeing one of the largest ever investments in Hamilton County says it has firm support from the federal government as it aims to produce an important product for electric vehicles in Chattanooga — most of which is now manufactured overseas.
After initially delaying action following concerns about layoffs at the company, the Hamilton County Commission and Chattanooga City Council met with leaders from Novonix on Monday to address lingering apprehensions about plans for a $1 billion expansion at Enterprise South Industrial Park. The investment would create 500 jobs with an average wage of $61,000, according to officials.
(READ MORE: Novonix in Chattanooga more than a green, feel-good story, official says)
This comes as the council and commission prepare to vote Tuesday and Wednesday, respectively, on an approximately $50 million tax incentive for the project.
The panels will decide whether the company can essentially pay lower property taxes on the project for a 15-year period, although Novonix would still be obligated to pay all taxes benefiting schools. Novonix’s payments under this arrangement would increase if the company fails to meet specific job creation or capital investment goals. Novonix plans to purchase a 182-acre parcel at Enterprise South for about $4.5 million. The land is now owned by the city and county.