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Oracle Corporation on Wednesday announced plans to bring in 8,500 jobs and make a $ 1.2 billion investment in Nashville.
The computer software company has asked for a public hearing to approve a plan for the economic impact needed for the project.
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The approval of the Metro Industrial Board and Metro Council is required to complete the Oracle proposal.
“We are delighted 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 all of 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 will be central to the 120-acre package, known as River North, on the east bank of Nashville’s riverfront.
In the proposal, Oracle will invest $ 175 million in public infrastructure that a city is usually expected to buy itself.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| ORCL | ORACLE CORP. | 76.79 | +0.13 | + 0.17% |
“Today’s news is another confirmation that big companies want to be in our city. They want to build here and grow roots,” Mayor Cooper said. “My job is to make sure Nashville invests in our students and graduates. It’s great that our graduates don’t have to go to the West Coast for top-level technology work.”
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According to the mayor’s office, the increase in the property tax base, local sales and tax collections of the proposed project will amount to approximately $ 8.8 million annually.