Overview
The Nashville Mayor’s Office of Economic and Community Development provides incentives that serve as catalysts for economic growth, bridging gaps, and enabling equitable opportunities for all. These incentives are based on the number of net new jobs, capital investment, quality of the job, industry, and location.
Historical Economic and Community Development Projects
Entrepreneurs, Small, and Minority Businesses
Fast Growing Business Incentive
Companies with fewer than 100 employees globally that add 10 or more jobs in a twelve-month period are eligible for a one-time $500 per job grant ($750 for Veterans). Eligible jobs must pay more than $55,664 annually (80% of the average wage for the Nashville-Davidson County Metropolitan Statistical Area, which is $69,580). $50,000 is the maximum grant per company.
Property Investment Incentive
For constructing or rehabilitating the exterior portions of commercial property located in designated census tracts with an existing property value less than million dollars ($1,000,000) at the time the grant application is made. Grant is for 50% of the investment in the improvements up to a $50,000 cap with a minimum $10,000 investment by the owner. Determine if your property is eligible for an incentive. If you would like to apply for either incentive please fill out the Application for Incentives form.
For more information about these programs contact [email protected].
Business Recruitment and Expansion
Job Grants
Cash grants may be provided for significant industry relocation or expansion in Metropolitan Nashville. The operation must add 500 or more jobs in Metropolitan Nashville during the first five (5) years of operation. Eligible jobs must pay equal to or exceed the average wage for Metropolitan Nashville which is $76,999. Nashville may pay a company up to $500.00 per job over a set period of time.
Payment in Lieu of Taxes (PILOT)
Projects involving a large capital investment and large numbers of new jobs may qualify for a property tax freeze or reduction (property in lieu of tax agreement). These requests are considered on an analysis of job creation, economic impact, capital investment and wage rates.
Tax Increment Financing (TIF)
Tax Increment Financing (TIF) allows the cost of infrastructure and the costs of assembly, relocation, demolition and development of a site within a designated redevelopment district to be financed through future increases in property taxes generated by the development itself. As private investments add to the tax base, the increased revenues are placed in a special fund with the revenues then funneled back into the project. These funds can amount to a substantial reduction in overall project development costs and can make available for reinvestment approximately 10 percent of an eligible project's total development costs.
For more information about these programs contact [email protected].