Metro Council to vote on Oracle's $1.2 billion investment plan for Nashville

Oracle rendering
Posted at 4:17 AM, May 04, 2021
and last updated 2021-05-04 06:32:12-04

NASHVILLE, Tenn. (WTVF) — Tuesday night, Metro Council will vote on Oracle's $1.2 billion investment proposal plan for Nashville. If approved, it would transform part of Nashville's East Bank and promises to create thousands of high paying new jobs.

Oracle is asking Metro Nashville to reimburse them for $175 million in infrastructure costs by forgoing paying property taxes for the next 25 years.

If the proposal is approved, Oracle would create 2,500 jobs at an average annual salary of $110,000 by the end of 2027 and approximately 8,500 new full-time jobs by the end of 2031.

City officials say Oracle’s new hub coming to Nashville would be great for Music City, while some say city leaders fail to see the real impacts these massive deals have on neighbors, on housing and gentrification, on traffic and infrastructure, and on jobs and economic mobility.

The Equity Alliance and Stand Up Nashville have spoken out against the proposal, saying there needs to be more community input about this decision.

In response, Mayor John Cooper’s Office said this proposal would bring millions in new tax revenue that can be spent on affordable housing.

Also, Oracle plans to bring their Oracle Academy computing curriculum to Metro Schools to prepare students for STEM careers.

Now, the decision is left in the hands of Metro Council.