Incentives for Advanced Munitions International top $26M
By Knoxville News Sentinel
Gov. Bill Haslam, center, along with Jim Antich, left, founder and executive chairman of Advanced Munitions International, and Randy Boyd, right, TN Economic Commissioner at the Oct announcement of AMI’s new headquarters. MICHAEL PATRICK/NEWS SENTINEL
The incentives package negotiated to bring Advanced Munitions International to Blount County totals about $26.6 million, excluding local property tax abatements by the county and the city of Alcoa, according to a copy of the incentives agreement obtained by the News Sentinel.
AMI and state and local officials announced Oct. 20 that the company, based in Payson, Ariz., will invest hundreds of millions in building a new “global headquarters” and munitions manufacturing facility in Partnership Park in Alcoa, ultimately creating hundreds of jobs. The company said it expects to start construction next spring and open in late 2018.
The incentives package includes:
The $11,325,000 agreed-upon value of the 236 acres deeded over to the company Oct. 19 by the Industrial Development Board of Blount County, Maryville and Alcoa. The IDB acquired the bulk of the property, 222.5 acres, for $2,336,460 in 1998, county property records show.
A TVA grant of $6,769,224, which the federally owned utility has refused to publicly disclose.