Metro Council finalizes lucrative HCA tax breaks - WSMV Channel 4

Metro Council finalizes lucrative HCA tax breaks

Posted: Updated:
NASHVILLE, TN (WSMV) -

Metro Council has given final approval to one of the most valuable business incentive packages in Nashville's history.

The council voted in favor Tuesday of an incentive package for Hospital Corporation of America worth about $66 million.

Both the city and the state are offering HCA a series of incentives for expanding in Nashville.

The project, announced in September, is planned for West End Avenue and is expected to bring in nearly 1,800 jobs to Nashville.

The company said Metro's proposed tax deal is essential to its expansion. The city is offering HCA a 15-year property tax abatement contingent on meeting certain job growth requirements. It will also give the company $500 per new employee and per employee it moves to Nashville from outside the county.

There's also an additional $1 million grant.

Opponents argue that it's not a good use of Metro's money, but supporters contend the city is still going to be making money.

"If we are able to get the property developed, even with the tax abatement that we're gonna give HCA, we will be receiving close to $2 million a year, which is way more than we are already receiving. So, the city will indeed be benefiting and increasing the tax revenue we're receiving for the property," said Councilman Lonnell Matthews.

HCA plans to break ground next year.

Copyright WSMV 2012 (Meredith Corporation). All rights reserved.

Powered by WorldNow
WSMV
Powered by WorldNow CNN
All content © 2014, WSMV; Nashville, TN. (A Meredith Corporation Station) and WorldNow. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.