UPDATE: In a follow up story, the Maryville Daily Times reports that the project is still "on track." A Blount Partnership official is quoted as saying AMI still plans to break ground in October.

The official also said that "financial disruptions recently caused Blount Partnership to repossess the property until the situation stabilizes," adding "“When they show us that they’re stable and financially sound enough to do the project, we will deed the property back to them." The deed transfer is said to have taken place last week, but as of yesterday it hadn't been updated in state property records.

Original post continues below...

The Payson Roundup newspaper in Arizona reports that the AMI/ATAC/HPR or whatever they're called ammunition company has been sold and the former owners are no longer involved in the operation.

According to the report, the former owners dropped plans for any Tennessee expansion, and the new owners say they are not relocating and if there's any expansion it will be in Payson, Arizona.

The former company was forced into bankruptcy in September of last year and had shutdown operations. There were apparently efforts to obtain financing and reopen, but the company was sold shortly afterwards.

Commenting on the bankruptcy news at the time, Blount Chamber CEO Bryan Daniels said he and other local officials were confident the deal would move forward and that "They (AMI/ATAC} have been very transparent with us. They had been very committed to seal the Tennessee project. They are very much still committed."

You may recall that the company, along with state and local officials, announced in October 2015 that they were planning a new state-of-the-art R&D and manufacturing facility in Alcoa. The investment was estimated at $500 million to as high as $1 billion, and expected to bring more than 600 high-tech, high-paying jobs. State and local incentives topped $20 million, although it's not clear if any of that money was ever spent. The land for the new facility was deeded to the company, according to news reports.

Gov. Haslam said at the time "I want to thank AMI for their substantial investment in Tennessee and for the more than 600 jobs they will create in Blount County. This is an industry leader creating jobs that require a highly skilled workforce as we continue toward our goal of becoming the No. 1 location in the Southeast for high-quality jobs."

ECD Commissioner Randy Boyd said "The East Tennessee region has terrific resources for companies that need access to institutions with R&D to commercialize and employees with high-tech skills. Tennessee has a long history of manufacturing excellence that fits perfectly with AMI’s needs. I want to thank AMI for choosing Tennessee and for the jobs they will create."

Blount Co. Mayor Ed Mitchell said "This is a great opportunity for Blount County and AMI to begin a mutual partnership. The executives of AMI are very community-minded and have been great to work with. With the new jobs and investments they are putting into our county this is a win for all of our citizens. I look forward to a great relationship for many years with AMI."

OK, then.

PREVIOUSLY:

Ammo manufacturer coming to Alcoa

AMI ammo factory deal could involve $20 million in state incentives

Incentives for Advanced Munitions International in Blount County top $26M

Ammo plant deal falling apart?

bizgrrl's picture

According to the State of

According to the State of Tennessee, Comptroller of the Treasury, Real Estate Assessment Data, AMI Investment Holdings LLC and Python Meteor Holdings currently own the property (off of Louisville Road, near Topside in Louisville/Alcoa/Maryville) they were planning on developing for the ammunition company.

AMI Investment Holdings LLC and Python Meteor Holdings are both Nevada corporations located in Reno. The TN corporate annual reports are due tomorrow and do not yet show up as having been filed.

The land was previously owned by the Industrial Development Board of Blount County. I wonder how hard it will be for them to get the land back.

yellowdog's picture

Shocking!

So Blount County is deprived of the opportunity to be known for making bullets designed to kill as many people as possible. I always preferred a beer plant anyway.

R. Neal's picture

UPDATE: In a follow up story,

UPDATE: In a follow up story, the Maryville Daily Times reports that the project is still "on track." A Blount Partnership official is quoted as saying AMI still plans to break ground in October. The official also said that "financial disruptions recently caused Blount Partnership to repossess the property until the situation stabilizes," adding "“When they show us that they’re stable and financially sound enough to do the project, we will deed the property back to them." The deed transfer is said to have taken place last week, but as of yesterday it hadn't been updated in state property records.

Average Guy's picture

Good story for April 1st

The owner we made the deal with is no longer there, the company is experiencing financial disruptions and we're deeding the property back, but we still plan on the company breaking ground in October.

Okay then.

R. Neal's picture

Yes, they sort of buried the

Yes, they sort of buried the lede.

yellowdog's picture

Journalism, anyone?

I wonder what really is going on? This always has seemed a bit "different."

Average Guy's picture

It's what happens when a

It's what happens when a government bulletin tries to promote itself as a newspaper and a Chamber tries to hide that it's anything other than desperate.

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