Grants to prepare economic development sites for market
NASHVILLE — The Tennessee Department of Economic and Community Development announced today the opening of the next round of site development grant applications to help communities transform industrial sites to shovel-ready status.
As part the Select Tennessee Site Certification program, the site development grants are intended to help communities overcome barriers to site certification and prepare for economic development projects. In the last round of grants announced in March 2017, TNECD funded 18 projects with a total investment of $6.2 million in site development grants.
“The site development grants are a great asset to communities across the state,” TNECD Commissioner Bob Rolfe said. “By creating shovel-ready sites, participating communities will be successful in attracting jobs and investment from both existing and new businesses. I look forward to seeing these community grant winners succeed in the future.”
“With the assistance of these grants, it puts our rural communities in the job recruitment game,” Amy New, Assistant Commissioner of Community and Rural Development, said. “Thanks to the work of the Governor’s Rural Task Force and our legislature for their continued support for the Rural Opportunity Act and commitment to ensure we have success in all areas of our state.”
As a result of increased funding for the Rural Economic Opportunity Act of 2017, TNECD has up to $10 million available for the site development grant program. This will allow TNECD to continue the grant program and fund some site development grants for high impact projects at higher amounts. TNECD’s high impact site development grant awards will help attract high-investment, transformative projects to the State of Tennessee.
Historically, the site development grant program has capped each award maximum at $500,000. Beginning this year, TNECD is piloting a program to award a limited number of grants greater than $500,000 but no more than $1 million.
In order to apply for a grant in excess of $500,000, applicants must be pre-approved by TNECD. Applicants interested in the high impact grants must explain the significant site deficiency that has eliminated their site from consideration by prospective companies and demonstrate how this request will mitigate that deficiency. Pre-Application Information for high impact grants is due September 29, 2017.
Applicants for the regular grant program are eligible for up to $500,000 for construction projects and $100,000 for due diligence studies with a match requirement based on each community’s economic status.
All local governments interested in receiving Site Development Grants or High Impact Grants must submit a Letter of Intent by November 10, 2017 and a completed application by December 1, 2017 at 4:30 p.m. CST. Additional information regarding the grants can be found here.
About the Tennessee Department of Economic and Community Development
The Tennessee Department of Economic and Community Development’s mission is to develop strategies that help make Tennessee the No. 1 location in the Southeast for high quality jobs. To grow and strengthen Team Tennessee, the department seeks to attract new corporate investment in Tennessee and works with Tennessee companies to facilitate expansion and economic growth. Find us on the web: tnecd.com. Follow us on Twitter: @tnecd. Like us on Facebook: facebook.com/tnecd.