State offering $72M to attract tire company

A Haslam administration deal to lure Hankook Tire Co. Ltd. to invest some $800 million in a manufacturing facility and create some 1,800 jobs in the Clarksville area comes with a $72 million incentive package, according to state officials.

State funds will come in the form of reimbursable grants for job training, site prep and some funding for a cultural center to help ease the transition for Korean nationals locating to the state, said ECD spokesman Clint Brewer. The deal also includes a clawback provision, he said.

The announcement comes less than a year after another large ECD development promising hundreds of jobs to the area fell through. In 2009, Hemlock Semiconductor agreed to build a $1.2 billion facility in the area, but earlier this year let go of some 300 employees and has yet to open the plant. The Hemlock deal came before the state began using clawback provisions to ensure that tax dollars spent to lure businesses here are refunded if the company fails to produce jobs.