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In December 2008, Hemlock Semiconductor Group (which includes two Dow Corning Corporation joint ventures, Hemlock Semiconductor Corporation and Hemlock Semiconductor LLC) announced that it would invest $1.2 billion to build a new polycrystalline silicon (polysilicon) production facility in Clarksville. Polysilicon is a key raw material used to manufacture solar cells and semiconductor devices and is used widely by companies in the solar industry. The project was expected to employ 1,000

construction workers over the following five to seven years. At the planned completion date in 2013, the facility was predicted to employ more than 500 people with the potential to employ up to 800 when expanded. In January 2013, due to the effects of an international trade dispute, Hemlock Semiconductor announced the delayed startup of the nearly complete facility. All but 100 of the hired employees were temporarily laid off with a strong likelihood of permanent layoffs looming.

The EDC engaged a consultant in late July 2008 to develop a Strategic Economic Development Blueprint (Blueprint) to guide the community into its promising future. The Blueprint was used to develop a five year slate of planned initiatives for adoption by the EDC and its partner entities and proposed funding by civic and private funds. The EDC is currently in the fourth year of that plan and now seeking an updated

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Clarksville-Montgomery County Welcomes Dow Corning

Corporation and Hemlock Semiconductor LLC

Clarksville, TN – Dow Corning Corporation and Hemlock Semiconductor LLC

(HSC) announced today that they will locate their next solar-grade polysilicon

manufacturing facility in Commerce Park, Middle Tennessee’s only megasite,

and one of the few remaining certified megasites by the Tennessee Valley

Authority (TVA). The announcement will mean an initial investment of $1.2 billion

and the creation of at least 500 jobs for the region.

The worldwide site selection process began 2½ years ago and culminates with

signing of agreements making Dow Corning and HSC the region’s newest

employer.

“The Clarksville-Montgomery County Economic Development Council (EDC) is

proud to have facilitated the local effort to recruit Dow Corning and HSC to

Commerce Park,” said James Chavez, president & CEO. “The selection of

Commerce Park proves that our vision, dedication and investment in the TVA

megasite certification process will pay dividends for Clarksville and Montgomery

County residents for decades to come.”

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>Operating revenue for the Board is generated almost entirely by the County Government. In 2011, County funding remained unchanged. The most noteworthy difference in the activities of the Board from 2010 is by far the amount of industrial park development costs that were funded by State Grants. The most significant of these costs were those related to fulfilling site and infrastmcture development obligations to Hemlock Semiconductor, LLC (nearly $27 million). Other state-funded industrial park development projects included the completion of sewer upgrades to the Conwood, LLC site ($107,000) and electrical service upgrades to the Avanti Corporation facility ($24,000).

>The Three C Group, LLC note is a non-interest bearing note receivable, secured by a subordinate deed of trust on the eight acres sold and improvements. The Hemlock Semiconductor, LLC (HSC) note is a non-interest bearing note receivable received in exchange for land.

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>AN ACT to authorize the State of Tennessee, acting by resolution of its funding board, to issue and sell its bonds and bond anticipation notes in amounts not to exceed one hundred fifty million dollars ($150,000,000) for the purpose of providing funds to the Department of Finance and Administration; to provide for acquisition of equipment, and erection, construction and equipment of sites and buildings, expressly including the acquisition of existing structures for expansion, improvements, betterments, and extraordinary repairs to existing structures, and for grants to any county, metropolitan government, incorporated town, city, special district of the state, or any governmental agency or instrumentality of any of them; to make grants to industrial development corporations to provide for acquisition of equipment and acquisition, site preparation, erection, construction and equipment of sites and buildings, and infrastructure improvements and development; to issue its debt in excess of the previously stated amount to fund discount and costs of issuance; and to provide for the expenditure of said funds. This act makes appropriations for an indefinite period of time for the purpose of allocating the proceeds of the bonds and notes authorized by this act.

>WHEREAS, the General Assembly recognizes the importance to the economic welfare and prosperity of the State of promoting economic growth, employment and community development in the State and has in the past created the Department of Economic and Community Development to further such development and authorized the department to seek businesses to locate in the State; and

>WHEREAS, the department intends to enter into agreements with Hemlock Semiconductor, L.L.C., with the project to be undertaken by Hemlock Semiconductor, L.L.C. and HSCPC, L.L.C. (collectively, "Hemlock Semiconductor, L.L.C.") with the development and expansion of their new facility in Montgomery County; and

>WHEREAS, the new facility will provide a substantial number of jobs and promote further economic growth, employment and community development not only in Montgomery County but in the State as a whole; and

>WHEREAS, the General Assembly finds that making grants to The Industrial Development Board of the County of Montgomery for acquisition of equipment and acquisition, site preparation, erection, construction and equipment of sites and buildings, and infrastructure improvements and development in support of the location of Hemlock Semiconductor, L.L.C. in Tennessee, in accordance with agreements with them to be entered into and approval of the project by the Building Commission, will serve the public purpose of promoting economic and community development in the State and for its inhabitants as a body and is related to the function of the Department of Economic and Community Development in furthering such growth; now, therefore,