A computer technology company has announced plans to invest over a billion dollars into Nashville while creating thousands of high-paying jobs, Fox 17 reports.
Oracle, based in Austin, Texas, has proposed building a 60-acre office hub on the East Bank of the Cumberland River in River North. The $1.2 billion investment would bring a record 8,500 jobs to Nashville with an average salary of $110,000, according to the news outlet.
Mayor John Cooper called Oracle's news "a huge win for our city."
"We are thrilled that Oracle is ready to make a billion-dollar bet on Nashville," said Mayor Cooper. "Oracle will bring a record number of high-paying jobs to Nashville and they will pay upfront all the city's infrastructure costs."
According to a news release from the city, Nashville would typically have to invest in public infrastructure itself, but Oracle has proposed $175 million to help fund infrastructure projects upfront like road and bridge work as well as pump stations for water and sewer. Because of this, the city won't be burdened with additional debt from the project.
"Without the sizable investment from Oracle, the transformation of this site would not be feasible," the city said in a news release.
Additionally, a portion of the site's property taxes would be used to reimburse the company for its infrastructure investments. According to Cooper, the remaining property tax revenue from the project would go into the city's general operating fund and could be used for investments throughout the city, with his top priority focusing on creating and preserving affordable housing.
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