The EDGE Board met on July 17 and approved one new PILOT (Payment In Lieu of Taxes) and three PILOT amendments, as well as one forgivable Inner City Economic Development (ICED) Loan built to spark revitalization in distressed neighborhoods. During the Port of Memphis board meeting, a resolution was approved allowing Watco Transloading, LLC to add a second barge operation to the master lease at the public dock.
Based in Texas, Reconext is a leading provider of aftermarket lifecycle services for electronics, and serves leading manufacturers, operators, retailers, insurers, data centers and large corporations with a footprint covering North and South America, Europe, and Asia Pacific. A subsidiary, Reconext Tennessee, LLC, was awarded a 10-year Fast Track PILOT to enable the company to locate its operations at 5020 Tuggle Road in Memphis, where the company is leasing 165,000 square feet. The project will create 161 net new jobs with an average annual base salary of $39,000 in the first two years.
“Continued investment in Memphis is not just a commitment to the city’s growth, but a testament to our combined potential as a hub of innovation and economic resilience,” said EDGE VP of Operations Dr. Joann Massey. “By fostering an environment that supports business expansion, infrastructure development, and community engagement, we are paving the way for sustained prosperity and a brighter future for all Memphians.”
AutoZone Parts, Inc. requested to readjust the previous personal property commitment outlined in the original 2019 PILOT, considering business changes and the impact of the pandemic. Aesthetic Management Partners also applied for an amendment, due to an increased amount of 35 net new jobs and a decreased average annual salary of $68,000 excluding benefits. During the meeting, the EDGE Board approved an additional $1.8 million in commercial loan funding for 100 N. Main Development Partners, as a result of unforeseen issues related to its other financing support. The amendment to the Loan is no less favorable to EDGE than the original terms and conditions.
Yolanda Webber, owner of The Wing Factory, an Orange Mound restaurant known for its welcoming atmosphere and high-quality wing dishes, received a $25,000 ICED Loan to help with a variety of building interior and building front improvements at 2280 Park Avenue. Projects include new ceiling tiles, windows, fresh paint, flooring, drywall, lighting, and framing. These improvements will facilitate a larger space, allowing The Wing Factory to expand offerings with a juice bar, as well as a full pizza bar, providing healthier options to its customers.