ProNova pact provides land, tax incentives; nets $52 million investment, more than 500 jobs
By Robert Norris | (email@example.com)
The Operations Committee of Pellissippi Place for Blount County and the Cities of Alcoa and Maryville voted Thursday to approve an agreement with ProNova Solutions that will bring 525 jobs and a $52 million investment to Pellissippi Place in Alcoa.
ProNova, a medical sciences company, will be the anchor tenant at the 450-acre R&D park located at Pellissippi Parkway and Old Knoxville Highway.
The new company specializes in the design of cutting-edge cancer diagnosis and treatment using proton therapy.
The agreement, previously approved by the Industrial Development Board of Blount County, provides for ProNova to acquire about 27 acres of the park at no charge.
Property taxes will be abated with the company paying no taxes for the first eight years. ProNova will start paying property taxes in the ninth year at a 20 percent rate. The taxes will rise in 20 percent increments each following year and be paid at a 100 percent rate in year 13.
Becoming the anchor tenant at the Pellissippi Place technology research and development park, ProNova will construct two facilities in phases over the next few years. The first phase consists of a 30,000-square-foot, two-story office and research building with a 40,000-square-foot assembly and test area initially supporting 35 employees and growing to 110 by 2015.
Phase two adds a 120,000-square-foot, two-story building with a projected staff of 110 in 2015 and expanding to a cumulative total of 525 by 2018.
A total of nearly 200,000 square feet will be used upon completion of both phases, including approximately 130,000 in office space and 60,000 of commercialization and research space.
ProNova’s proton therapy system is called the ProNovaSC360 and the first systems will ship in 2015. While it’s a lower-cost, smaller, lighter and more energy efficient proton therapy solution, the SC360 will not sacrifice any clinical capabilities but will add even more benefits not available in current-generation systems. Features include 3D anatomical and functional imaging at the isocenter, 360 degree treatment of the patient and an efficient workflow that mimics traditional radiation therapy.