In just a few weeks, the Metro Council is set to vote on the biggest tax incentives deal in recent history, totaling $66 million, in order to bring HCA and thousands of jobs to West End. HCA is expected to bring nearly 2,000 executive level jobs to Music City and develop a vacant part of West End into their corporate headquarters. In exchange, the city of Nashville will offer a tax abatement up to 20 years, in addition to $1 million in relocation fees and an annual incentive payment of $500 per new employee. Despite the boost to the economy with the company's new headquarters, Metro Councilman Josh Stites said it is tax payers who will be paying to bring companies such as HCA to Nashville. "Basically it's a guaranteed $60 million deal," he said, adding, "The most recent census there were 646,000 people in our county, so the pocket price of every tax payer, every resident is $95.74." However, supporters argue the incentive packages being offered are worthwhile for the city of Nashville in the long run. "If we're able to get the property developed, even with the tax abatement that we're going to give HCA, we will be receiving close to $2 million a year," Metro Councilman Lonnell Matthews said. Matthews added the HCA deal could potentially set the stage for similar incentives packages in the future. "I think if we're able to structure deals in that way, then I do see more deals forthcoming," he said.
Metro Council members are expected to vote on the incentives package next month.
Construction on the Midtown building is set to be complete by early 2015.Related Stories:
Sept. 27, 2012: HCA to invest $200M in new corporate headquarters
May 19, 2011: What's next for stalled downtown development?