Only one hurdle remains before a county tax incentive offer to bring a global company to Cool Springs becomes official.
Monday night, the Williamson County Budget Committee unanimously approved a Tax Increment Financing plan to give Schneider Electric USA a rebate to possibly open an office in Cool Springs.
On Tuesday morning, the Williamson County Industrial Development Board also approved the plan.
“Today was one more step in a process of negotiations to assist Schneider in their relocation to Williamson County,” said Elizabeth West McCreary, VP, Economic Development for Williamson, Inc. “This is a project our office has been working on for many years and we are excited with the prospect of having it come to completion but realize there is still much work to be done. Schneider Electric is a longstanding and steadfast company who has also managed to remain relevant. They would be an incredible addition to the Williamson County business community.”
Schneider, the Paris, France-based global specialist in energy management and automation, would get up to $2.11 million in tax rebates over 10 years by meeting employment markers. The agreement has Schneider bringing up to 1,140 jobs to the county, at 6700 Tower Circle in Franklin. Schneider would open a 150,000 to 180,000 square foot office at Two Franklin Park. The total economic impact of the company over that time is expected to be $79 million.
Williamson County is in competition with several other locations. Before Schneider makes a choice, the county has to commit.
Last month, the Tax Committee unanimously approved the TIF, the economic tool being used by the county in this case as an incentive (explained below). Now with the Budget Committee and IDB giving its blessing, the matter will go before the County Commission on June 13.
“After that it is up to Schneider,” said Kenneth Young, a lawyer consulting with the deal.
To earn the rebate, the 180-year old company, which has 180,000 employees around the world, 30,000 in the U.S. and 1,600 currently in the state, will have to bring 80 percent of the jobs projected in the deal- or 916- to the county by 2023.
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