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Fayetteville, TN (2023)

Ariens Company

New Markets Tax Credits to help Ariens Company revitalize an abandoned facility bringing 350 new quality jobs to the Fayetteville

Investment

  • NMTC Amount: $38,000,000
  • Total Project Cost: $55,000,000

IMPACT

  • 350 FTE jobs
  • 70 construction jobs
  • Project included catalytic workforce development initiatives
  • 600,000 sq. ft. of real estate

Investor

Project Description

Rural Development Partners invested $15 million in New Markets Tax Credits to help Ariens Company revitalize an abandoned facility bringing 350 new quality jobs to the Fayetteville (TN) community along with catalytic economic and workforce development opportunities for the region.

“We were excited from day one to be involved in this project with Ariens. The large number of jobs that are expected to be created will provide opportunities for many at a previously shuttered facility. Ariens has an impressive track-record of giving back to the Community and I look forward to what that means for Fayetteville and the surrounding area.”– Dan Helgeson, CEO of Rural Development Partners

AriensCo’s expansion to Tennessee is in response to a sharp increase in demand that has outpaced the company’s current production capacity in rural Wisconsin. The project entails revitalization of an outdated building into a 600,000 SF state-of-the-art manufacturing facility, serving as AriensCo’s hub for its Gravely brand of commercial outdoor power equipment. This project will position the company geographically closer to its customers, dealer partners, and material suppliers in the Southeast, producing positive catalytic impacts for Fayetteville and the surrounding region. NMTCs will help offset the increased costs of construction and equipment, allowing AriensCo to accelerate plans for future capital investments in the community.

“This was a win-win-win partnership for the Fayetteville community, for Rural Development Partners and for AriensCo,” said AriensCo Chief Financial Officer James Young. “We are proud to have a longstanding tradition of supporting rural America. We have been in Brillion, Wisconsin, a farming community of about 3,300 people, for nearly 90 years. We’re a privately owned, family company that has grown up in small town America and we’re proud to partner with another small town by providing a great place to build a career.”

MAP

Address: 1810 Wilson Parkway, Fayetteville, TN 37334

Census Tract:

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