California-based medical device company, Alphatec Spine is planning to substantially expand its production capabilities and is looking at Memphis or North Mississippi for its new facility.
Alphatec had considered expanding in its home state of California but wants to be located in the Central US, in an area near strong logistics partners, and with access to talent experienced in medical device repair and distribution.
EDGE provided Alphatec with a 10-year Fast Track PILOT to encourage the company to build-out space at 4101 Willow Lake Boulevard, create 95 new jobs with an average wage of more than $52,000 and invest $3.5 million in the project. The move would help to solidify Memphis as the center of the medical device industry.
4101 Willow Lake Boulevard currently produces $21,994 in the City of Memphis and Shelby County property taxes annually. Estimated annual property taxes will average $25,118 during the PILOT term and $74,164 after. EDGE projects $4,617,110 in total local tax revenues to be received during the PILOT.
Quick Facts
- 10-Year Fast Track PILOT
- 95 New Jobs
- $52,657 Average Wage (Subsidized Healthcare offered at 50%)
- $3,500,000 Capital Investment
- $4,617,110 Total Local Tax Revenues
- $462,852 Spending with Local Minority/Women-Owned Businesses
