Nashville didn't land a HQ2 location — here's how it still came out a winner in Amazon's competition (AMZN)

But the Tennessee capital will be the location of Amazon's new "Center of Excellence for its Operations." The company promised the hub would draw in 5,000 lucrative jobs beginning in 2019.

According to the tech giant's announcement, the center will be situated in downtown Nashville, north of the city's upscale Gulch community.

"Amazon's decision to expand its presence in Nashville is a direct result of the talented workforce and strong community we've built here," Nashville mayor David Briley said in Amazon's official statement. "These are quality, high-paying jobs that will boost our economy, provide our workers with new opportunities, and show the rest of the world that Nashville is a premiere location for business investment."

Read more: Amazon officially announces its HQ2 will be split between New York and Virginia

So what about Nashville's proposal tempted Amazon into setting up an operations base there?

In the official announcement detailing its HQ2 picks, the Seattle-based online retailer included proposals from the mayor of Nashville and Tennessee's state government.

In his proposal, Briley touted Nashville's low property tax rate and low cost of living, as well as Tennessee's lack of an income tax and low per capita dept.

Here are some of the other biggest takeaways from the agreement:

• Amazon promised to bring about $230 million in investment and establish one million square feet of energy-efficient office space in Nashville.
• The tech company estimated that it would bring about an incremental tax revenue of over $1 billion within 10 years.
• Amazon promised to establish 5,000 jobs with an average wage of over $150,000 within seven years in Nashville.
• If that burst of job creation comes through, Tennessee will reciprocate with a $65 million cash grant over the next seven years — $13,000 per job.
• The city of Nashville will also grant the company $15 million within the next seven years — that's $500 per job.
• Tennessee will also sweeten the deal by granting Amazon a $21.7 million tax credit "to offset franchise and excise taxes" — that's $4,500 per new job.