Nashville courts Oracle with 8,500 new jobs on the table
Oracle's potential new 60-acre office hub would be central to the 120-acre parcel known as River North on the East Bank of Nashville’s riverfront
Oracle Corporation announced plans on Wednesday to bring 8,500 jobs and make a $1.2 billion investment in Nashville.
The computer software company requested a public hearing for approval of an Economic Impact Plan needed for the project.
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Approval of the Metro Industrial Development Board and Metro Council is needed to finalize Oracle’s proposal.
"We are thrilled that Oracle is ready to make a billion-dollar bet on Nashville," said Mayor John Cooper. "Oracle will bring a record number of high-paying jobs to Nashville and they will pay upfront all the city’s infrastructure costs. This is a huge win for our city."
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Oracle's potential new 60-acre office hub would be central to the 120-acre parcel known as River North on the East Bank of Nashville’s riverfront.
In the proposal, Oracle will make a $175 million investment in public infrastructure that a city would ordinarily be required to purchase itself.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ORCL | ORACLE CORP. | 181.41 | -3.43 | -1.86% |
"Today’s news is another affirmation that major companies want to be in our city. They want to build here and grow roots here," Mayor Cooper said. "My job is to make sure Nashville invests in our students and graduates. It’s great that our graduates won’t need to go to the West Coast for top-tier tech jobs."
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The increase in the property tax base, local sales and use tax collections from the proposed project are expected to reach about $8.8 million annually, according to the mayor's office..