Nashville Mayor John Cooper said Wednesday that Oracle, the Austin database-software giant, would fund a $1.2 billion campus in his city.
The campus is set to bring 2,500 jobs to the city by the end of 2027 and “8,500 by the end of 2031, with salaries averaging $110,000 a year, Industrial Equipment News reports, based on documents provided by Cooper's office.
“The company also expects the project to produce about $8.8 million annually in local sales and use taxes,” the mayor's office said.
Oracle's potential investment includes $175 million in public infrastructure, a news release said. The company plans to purchase “a pedestrian bridge over the Cumberland River, environmental cleanup, a sewer-pump tation and a riverfront park,” the mayor's office said.
The company "will pay upfront all the city’s infrastructure costs. This is a huge win for our city,” the mayor added.
Oracle “has requested a public hearing to seek approval of an economic impact plan with the Metro Industrial Development Board,” the release added.
The company “requires the IDB and Metro Council's consent to finalize the plan.”
Oracle shares have been trading at record levels. At last check the shares were up 2.1% at $78.42.
In early March the company reported fiscal-third-quarter adjusted earnings that beat analyst estimates and revenues that met them.