State Funding Board taps $65M for Oracle’s Nashville project

The State Funding Board on Tuesday approved a $65 million FastTrack Economic Development grant for Oracle Corp.’s Nashville project on the east bank of the Cumberland River.

The funds are designed to offset expenses such as new construction and land acquisition, coming after the Metro Council approved $175 million for infrastructure improvements surrounding a 65-acre tract where Oracle plans to operate.

The Austin, Texas-based computer technology corporation is committed to creating 5,989 new jobs and making a $1.35 billion capital investment within five years with an average hourly wage of nearly $55.

An enterprise software company, Oracle offers cloud-based applications and platforms, in addition to hardware and services designed to help companies improve computer processes. The company’s applications focus on enterprise resource planning, data management, collaboration, content and experience, business analytics, IT operations management, security and emerging technologies, according to state documents.

Oracle has expanded through acquisitions that help boost its cloud offerings, and its main product is Oracle Database, a popular corporate offering. More than half of the multinational corporation’s revenue comes from international customers, according to the state.

While proponents of the Nashville project believe it could transform the city over the next decade, opponents contend the Metro Council, with its vote, showed it is more concerned with helping corporate interests than providing affordable housing and bolstering low-income residents.