The EDGE Board of Directors authorized two expansions of existing PILOT agreements and approved a new jobs PILOT to support a growing local manufacturer, reinforcing Memphis’ position as a competitive hub for advanced manufacturing and logistics.

Among the approved items, Mimeo.com, Inc. received an amendment to its existing Expansion PILOT, increasing its total capital investment from approximately $13.5 million to $44.8 million. In addition, Richardson Oilseed Products US Limited received approval to amend its existing Expansion PILOT, increasing its capital investment from $220 million to $340 million at its facility on Williams Avenue. The increased investment reflects additional modernization and infrastructure needs identified during the rehabilitation of the historic site, including significant upgrades to automation, environmental systems, and production capacity. 

The Board also approved an eight-year Jobs PILOT for Morgan Steel, LLC to support the expansion of its Memphis operations at 2315 Pier Street. The project includes a total capital investment of approximately $11.7 million and will create at least 119 new jobs with an average annual salary of $57,973.

“Today’s approvals reflect the continued momentum we’re seeing across Memphis and Shelby County. From supporting small businesses to advancing larger-scale investment through PILOTs, we are collectively working to build a more dynamic and competitive economic landscape,” said EDGE President and CEO Dr. Joann Massey. “Each of these projects represents new opportunities for job creation, entrepreneurship, and long-term growth. Memphis is moving in the right direction, and we’re committed to ensuring that growth is both strategic and impactful for our community.”

The Economic Development Finance Committee also met and approved a $75,000 in forgivable Small Business Loans. To date, the program has invested more than $9 million in Memphis neighborhoods. 

Rhonda Rooks, the founder and owner of Icon Salon Suites, was approved to receive a $25,000 Small Business Loan for improvements to the salon space at 2185 Young Avenue. Funds will be used for build-out and renovation of the building originally constructed in 1957.

Derrick Abdul-Wakil, owner of Wakil Solutions, LLC, will use $25,000 to help with a variety of interior and exterior building interior improvements at 269 South Parkway West. The business is a Memphis–based marketing company dedicated to helping businesses grow through strategic branding, creative content, and targeted digital solutions.

Additionally, Ladarius Lee, founder of Peace Park Memphis, received a $25,000 Small Business Loan to help complete $68,000 of qualified improvements at 275 North Dunlap Street. Peace Park is a restaurant that aims to promote community, love, peace, and respect through food, relationships, charitable events, and donations.

The post EDGE Board Approves Major Investments Supporting Manufacturing Growth and Modernization first appeared on Economic Development Growth Engine.

The evening also served as a powerful reminder that transformational growth is built over time through strategic partnerships.

The momentum that was visible on the St. Jude campus is deeply connected to infrastructure investments made possible through the Tennessee Department of Economic and Community Development, the City of Memphis, TVA, and EDGE. In 2015, a TNECD FastTrack grant administered by EDGE helped fund critical utility and infrastructure improvements in and around the Pinch District adjacent to campus. Those upgrades, including electric, sewer, gas, telecommunications, and stormwater improvements, helped create the conditions for one of the most ambitious expansion periods in St. Jude’s history.

Over the past decade, St. Jude has invested more than $11 billion into its campus, exceeding its original commitment of 1,800 new jobs by creating 2,473 positions from 2015 to 2024. Looking ahead, the recently announced Advanced Research Center II will continue that momentum, with infrastructure upgrades already helping ensure the project can move forward on schedule.

For EDGE, this progress reflects the long-term value of powering progress through partnerships. When public resources, infrastructure planning, and institutional vision align, the result is job creation, neighborhood revitalization, and a stronger future for Memphis.

Discover St. Jude was a meaningful opportunity to see that progress firsthand and celebrate the partnerships that continue to move our city forward.

The post Discover St. Jude highlights the power of long-term partnership first appeared on Economic Development Growth Engine.

Logistics and distribution

Memphis’ logistics ecosystem is one of its defining advantages. With access to major interstate corridors, five Class I railroads, the Mississippi River, and Memphis International Airport, home to FedEx’s global hub, the region serves as a critical distribution node for North America.

The International Port of Memphis, powered by EDGE, plays a central role in this system. Fostering thousands of direct and indirect jobs, the Port anchors industrial development along Presidents Island and surrounding areas. Recent approvals to expand barge and transloading operations along McKellar Lake demonstrate continued demand for multimodal infrastructure and highlight the importance of thoughtful asset stewardship.

Logistics supports manufacturing, retail, energy, and agriculture. In Memphis, it is the connective tissue of the regional economy.

Advanced manufacturing

Manufacturing remains one of the most significant pillars of Memphis’ economy. Companies here produce everything from HVAC systems and medical devices to power transformers and consumer goods. These operations provide quality jobs, strong wages, and stable career pathways.

Through strategic public-private partnerships led by EDGE and regional partners, Hyosung HICO has continued expanding its U.S. manufacturing headquarters in Memphis, investing more than $300 million since 2019 and significantly increasing production capacity. 

Similarly, AAON, Inc. committed to a $238.5 million expansion that will create hundreds of jobs over the coming years, reinforcing Memphis’ role as a hub for advanced HVAC manufacturing. The company’s decision was underpinned by a 15-year Jobs PILOT authorized by EDGE, illustrating how strategic incentive tools can help secure long-term private investment.

These investments strengthen supplier networks, workforce pipelines, and long-term competitiveness.

Healthcare and biosciences

Healthcare is both a major employer and an innovation engine in Memphis. Anchored by world-class institutions and research organizations, the sector supports clinical care, medical device development, and life sciences research.

The presence of global healthcare institutions, combined with medical manufacturing and distribution operations, creates a powerful intersection between health and industry. This ecosystem provides jobs and fosters innovation, attracting researchers, entrepreneurs, and investment to the region.

As healthcare evolves, particularly in areas like biotechnology and medical technology, Memphis is positioned to expand its influence through strategic partnerships and workforce development.

Energy and emerging technology

Energy infrastructure and emerging technologies are adding a new dimension to Memphis’ industrial base. Investments tied to energy storage, advanced power infrastructure, and technology-driven operations reflect a broader shift toward grid resilience and next-generation capacity.

Recent land leases approved by EDGE at the Port of Memphis further illustrate how the region’s industrial assets are evolving to meet emerging economic demands. The Port leased more than 500 acres in Pidgeon Industrial Park to CTC Property to support energy infrastructure connected to a nearby high-performance computing facility. In addition, a lease with Cardinal Energy Storage established a battery storage site adjacent to the development, designed to connect to TVA’s 500kV transmission line and supply power to the grid during peak demand periods. 

Through strategic partnerships, EDGE and the Port Commission are positioning Memphis as a leader in data-intensive industries and enhancing the region’s energy reliability and competitiveness.

A diverse foundation for growth

What sets Memphis apart is not reliance on a single industry but the strength of a diversified portfolio. Manufacturing facilitates logistics, logistics enables healthcare and retail distribution, and energy infrastructure underpins them all.

This diversification creates resilience, allowing Memphis to adapt to changing economic conditions while maintaining momentum across sectors.

As Memphis and Shelby County continue to invest in infrastructure, workforce alignment, and coordinated partnerships, these key sectors will remain central to the region’s growth story. Together, they power an economy rooted in place, driven by people, and positioned for long-term opportunity.

The post Key industries powering Memphis’ economy first appeared on Economic Development Growth Engine.

The board approved the administration of an expanded Port Commission jurisdictional area, subject to final approval by joint resolution of the mayors and legislative bodies of the City of Memphis and Shelby County. The proposed expansion would extend the Port Commission’s territorial limits to include unincorporated Shelby County while excluding areas within the incorporated municipalities of Arlington, Bartlett, Collierville, Germantown and Millington, as well as portions of the City of Memphis along the Mississippi River waterfront.

In a separate action, the EDGE Board approved a request from the City of Memphis to sublease property located in Pidgeon Industrial Park to WeCare Denali, LLC. Under the terms of the sublease, the City of Memphis will remain the primary tenant.

“These approvals reflect how EDGE and the Port Commission are continuing to adapt to the realities of a regional economy,” said EDGE President and CEO Dr. Joann Massey. “By supporting operational efficiencies at port facilities, we are better positioned to drive long-term economic growth and create opportunity across Memphis and Shelby County.”

The board also passed a resolution to adjust Commercial Property Development PILOT Program policies and procedures. These updates clarify and strengthen EDGE’s Community Property Development PILOT Program by aligning eligibility with New Markets Tax Credit guidelines, refining location criteria, and sharpening the program’s focus on owner-occupied, community-serving projects.

The Economic Development Finance Committee also met and approved a $25,000 Small Business Loan. Through small forgivable loans, the program has invested more than $9 million in Memphis neighborhoods. Nicholas Riley, owner of Bad Timing LLC, will use the funds to help with a variety of interior and exterior building interior improvements at 626 Minor Street. The business is a buy, sell, and trade clothing store for vintage and designer finds, and building adjustments will also allow Bad Timing to hire additional employees.

The post EDGE Board Approves Port Jurisdiction Expansion Request and Sublease, One Small Business Loan first appeared on Economic Development Growth Engine.

To strengthen the long-term vitality of the Memphis and Shelby County Port and reinforce its role as a critical logistics and industrial asset for the region, the Port of Memphis and EDGE Board approved measures supporting the Memphis and Shelby County Port Commission’s authorization to enter into a lease with SCF Fleeting, LLC for property along McKellar Lake, as well as the approval of Watco Companies to sublease a portion of the Public Dock to Granite Construction, Inc. and another portion to T&S Southern. Together, these actions support continued activation of port assets, increased utilization of waterfront infrastructure, and sustained industrial activity on Presidents Island.

“By enabling strategic partnerships and responsible redevelopment of long-standing port facilities, EDGE and its partners are helping preserve critical shipping capacity, support thousands of existing jobs, and position the region for future industrial growth,” said EDGE President and CEO Dr. Joann Massey. “These actions underscore the importance of collaboration and thoughtful stewardship of our public assets.”

The Economic Development Finance Committee also met and approved a $25,000 Small Business Loan. Through small forgivable loans, the program has invested more than $9 million in Memphis neighborhoods.

Curtis Givens, owner of Big Bill’s BBQ, will use the funds to help with a variety of facade, HVAC and building interior improvements at 4101 Elvis Presley Blvd. The business is a local Southern BBQ restaurant in Whitehaven that serves a diverse age range of customers. Big Bill’s will expand to offer dine-in services and, in turn, provide more jobs to community members.

The post EDGE Board Approves Two Port of Memphis Subleases, One Small Business Loan first appeared on Economic Development Growth Engine.

Hyosung HICO will invest an additional $157 million and create 240 new jobs as the company constructs a new facility at its U.S. headquarters. Upon completion, the new plant will expand Hyosung HICO’s manufacturing capacity by an additional 50%, making the facility one of the largest domestic power transformer manufacturing operations in the U.S. and the only facility currently dedicated to manufacturing 765kV transformers domestically.

Today’s announcement follows Hyosung HICO’s $51 million expansion announced in May and also comes days after Gov. Lee’s and Deputy Gov. and Commissioner McWhorter’s international recruiting trip to Asia. With the company’s total investment of over $300 million since 2019 at the Memphis plant, this project further strengthens the longstanding relationship between Tennessee and South Korea and reinforces a partnership built on innovation, manufacturing excellence and shared values.

Subsidiary to South Korean Hyosung Heavy Industries, Hyosung HICO is a leading U.S. producer of large power transformers, critical components that ensure a secure and reliable electric grid. Since selecting Memphis for its U.S. production facility in 2019, the company has become a cornerstone of Hyosung’s North American presence and a key driver in domestic grid modernization.

Since 2019, South Korea has emerged as one of the state’s top partners for foreign direct investment partner for jobs and capital investment, investing $7.2 billion.

QUOTES

“Tennessee’s pro-business climate, low taxes and highly skilled workforce make our state a top destination for global companies. Hyosung HICO’s $150 million investment and 240 new jobs in Memphis reflect the strength of our economy and our commitment to building strong and lasting international partnerships. We look forward to supporting this company’s continued growth and creating more opportunities for Tennesseans.” – Gov. Bill Lee

“When companies choose Tennessee, it’s a clear testament to our strong business climate and leadership in innovation. When they choose us again, it underscores the lasting partnerships we’ve built through international engagement – and important to today’s announcement – our commitment to advancing critical industries like power. I’m grateful to Hyosung HICO’s leadership for their continued trust in our state and remain committed to supporting their success.” – Deputy Gov. and TNECD Commissioner Stuart C. McWhorter

“This additional expansion reflects our shared success with the State of Tennessee and the partnership between our U.S. operations and our headquarters in South Korea. Together, we’ve built more than a manufacturing facility; we’ve built opportunity. Our employees are the quiet force behind the economic growth that defines Memphis and the broader ‘Digital Delta’, helping us become the leading domestic manufacturer of power transformers. As we expand our business, including 765kV solutions, transformers, switchgear and DC solutions, we remain committed to advancing American manufacturing, strengthening our community and honoring the Korea-America collaboration that fuels our success.” – Jason E. Neal, president of Hyosung HICO and senior executive VP of HICO America

“I am very glad that we have fulfilled our commitment of 410 jobs to Tennessee two years ahead of schedule and are now embarking on our third expansion. A reliable and efficient power grid is the backbone of a nation’s competitiveness, and in this era of rapid digital transformation, it also serves as the cornerstone of the AI industry and many other key industries. We take immense pride in contributing to this vision as a key manufacturer of critical power infrastructure right here in Tennessee.” – Takeshi Yokota, president of power system PU, Hyosung Heavy Industries

“Hyosung HICO’s continued growth in Memphis is a testament to the power of partnership. At EDGE, we’re proud to stand alongside them as we build a future powered by innovation, collaboration and shared prosperity for Memphis and Shelby County.” – Dr. Joann Massey, CEO, EDGE

“The continued investment from HICO represents exactly what we envision for Memphis, because we are a city where global innovation meets local talent. Hyosung HICO’s decision to grow here shows confidence in our workforce and infrastructure, as well as a shared vision for inclusive economic growth. Memphis is in an Era of Yes, and private investments in our economy like this show Memphis is ready to do business.” – Memphis Mayor Paul Young

“TVA and MLGW congratulate Hyosung HICO on its decision to expand operations in Shelby. It’s always an exciting day when we can celebrate a company’s continued commitment to growth in the region. We are proud to partner with the Tennessee Department of Economic and Community Development, Greater Memphis Chamber and Memphis Shelby County EDGE to support companies, like Hyosung HICO that create quality jobs and investment in the region, and we celebrate this announcement together.” – John Bradley, senior vice president of economic development, TVA

“Hyosung HICO’s Memphis facility is key to supplying the nation with leading energy solutions. It makes me proud to say the future of electric power infrastructure is built in Memphis.” – Senate Minority Leader Raumesh Akbari (D-Memphis)

The post Hyosung HICO, Ltd. Expands U.S. Manufacturing Headquarters for Second Time in Six Months first appeared on Economic Development Growth Engine.

The celebration featured remarks from EDGE President and CEO Dr. Joann Massey, video messages from U.S. Sen. Bill Hagerty and Tennessee Rep. Karen Camper, and keynote speeches from Memphis Mayor Paul Young and Shelby County Mayor Lee Harris highlighting the importance of public-private partnerships and regional collaboration in shaping sustainable growth.

“This year’s honorees represent the best of Memphis and Shelby County. These leaders and organizations are investing in today and building a foundation for long-term prosperity,” said Dr. Massey. “Their vision, leadership, and commitment demonstrate the power of working together to achieve economic progress that benefits all.”

A total of 16 awards were presented, honoring contributions ranging from transformational corporate projects to small business innovation and cultural leadership:

• Economic Impact Project of the Year: AAON, Inc.
• Leadership Award: William B. Dunavant III, CEO & Champion; Richard W. Smith, CEO & Champion
• Lifetime Achievement Award: Frederick W. Smith, Founder & Visionary
• Small Business Impact Awards: Trap Fusion and Hard Times Deli
• Kidpreneur of the Year: Mariah Shield, Mariah’s Suga Rush
• Culture Makers Award: Joanna Crangle and the Memphis Business Journal Staff; Cynthia Daniels, Cynthia Daniels & Co.
• Regional Economic Development Agency of the Year: Cushman & Wakefield
• Awards of Appreciation: Wepfer Marine, Inc.; Hyosung HICO; KTG USA
• Economic Development Collaborator Award: Tennessee Department of Economic & Community Development
• Economic Development Marketing Campaign Champion: Bartlett Chamber of Commerce
• Chairman’s Award: Darrell Cobbins

“The progress we’ve seen in Memphis is a testament to the collective efforts of public and private sectors working together,” EDGE Chairman Al Bright, Jr. said. “These awards highlight that collaboration and celebrate the meaningful work being done to ensure our city’s continued growth.”

As EDGE looks ahead, the organization remains focused on building sustainable, inclusive economic opportunities by fostering impactful partnerships and supporting both large-scale development and grassroots entrepreneurship.

The post EDGE Honors Local Leaders, Hosts Third Annual Economic Development & Community Recognition Awards first appeared on Economic Development Growth Engine.

The board elected new officers for EDGE, the Industrial Development Board (IDB), and the Memphis and Shelby County Port Commission. The following leaders will serve as officers: Gerre Currie, Vice Chairman; Dr. Florence Jones, Secretary; and Jatin Kumar, Treasurer.

For the Port Commission, Mark Halperin was elected Vice Chairman, with Dr. Jones and Kumar serving as Secretary and Treasurer, respectively. Vijay Kalaga was also reappointed Chair by the EDGE Board Chairman.

In addition, the board approved a resolution on behalf of EDGE and the Port Commission authorizing a sublease of property in Pidgeon Industrial Park. The 552-acre property, currently under a 21-year lease with CTC Properties, LLC, will be subleased to Seven States Power Corporation. CTC will remain the primary tenant under the agreement.

“Today’s actions reflect the strength of our leadership and the momentum we’re building across Memphis and Shelby County,” said EDGE President and CEO Dr. Joann Massey. “By electing dedicated officers and advancing projects like the Pidgeon Industrial Park sublease, we’re ensuring strong governance and positioning our community for continued growth and opportunity.”

The Economic Development Finance Committee also met and approved one Small Business Loan. South Memphis Grocery LLC, a family-owned convenience store, received a $25,000 ICED Loan for improvements at 9 West Mallory Ave. The business will use the funds to make critical exterior improvements, including new paint and repairs to damaged siding. They will also use these funds to remove a boarded-up garage opening and infill the space with matching brickwork to create a uniform exterior.

The post EDGE Board Approves Election of Officers, Sublease at Pidgeon Industrial Park first appeared on Economic Development Growth Engine.

Sharing EDGE’s story
During the session, Dr. Massey shared EDGE’s history and role in driving investment and opportunity across Memphis and Shelby County. From supporting major industrial expansions to revitalizing neighborhood corridors through the Small Business Loan Program, EDGE has leveraged innovative financing to create sustainable impact. Dr. Massey emphasized that true economic development requires a balance of large-scale projects and place-based investments that uplift small businesses and communities.

The development finance toolbox
One of the key themes of the course was the “toolbox approach” to development finance. Just as no two communities are the same, no single financing tool can address every challenge. By combining mechanisms such as revolving loan funds, mezzanine financing, and loan guarantee programs, agencies can respond flexibly to the diverse needs of businesses.

For example, EDGE’s Small Business Loan Program has provided more than $2.7 million in forgivable loans to over 120 businesses in local neighborhoods, sparking nearly $9 million in reinvestment.

At the same time, larger incentives, like the recent 15-year PILOT agreement that secured AAON, Inc.’s $238.5 million expansion and 828 new jobs, demonstrate how creative financing can scale impact across industries.

Access to capital as a growth driver
Dr. Massey also joined The Basics of Access to Capital panel alongside other leaders, digging deeper into strategies to close capital gaps. Small businesses often face barriers to traditional financing, from limited collateral to a lack of established credit history. Innovative solutions such as loan guarantees and seed funds can lower those barriers, making it possible for entrepreneurs to expand, hire, and thrive.

When access to capital is expanded, the benefits go beyond individual businesses. Stronger small business ecosystems fuel neighborhood revitalization, while larger-scale investments create jobs and generate new tax revenue. Together, these efforts position Memphis and Tennessee for inclusive, long-term growth.

Partnerships in action
EDGE’s participation in the Tennessee Economic Development Basic Finance Course demonstrates its ongoing commitment to sharing knowledge, building partnerships, and driving innovation in economic development. By collaborating with peers across the state, EDGE is helping to shape a financial ecosystem where communities of all sizes can succeed.

EDGE is leading the charge to ensure that businesses – from startups to global manufacturers – have the tools they need to grow.

The post Expanding access to capital: EDGE at the Tennessee Economic Development Basic Finance course first appeared on Economic Development Growth Engine.

From clean energy infrastructure to logistics growth and neighborhood revitalization, the approvals reflect a shared commitment to driving economic progress across Memphis and Shelby County.

Lightning Bug Energy Storage lease approved
The Boards approved a 25-year lease with Lightning Bug Energy Storage, an affiliate of Swift Current Energy, to develop a large-scale battery storage facility at Pidgeon Industrial Park. The $300 million project will utilize 10 acres for battery housing containers connected directly to TVA’s electrical grid, with the option to expand to 71 acres in the future. This facility will store power during low-demand times and release it when demand is high, improving grid stability while supporting Tennessee’s growing energy needs.

Construction is expected to generate 150 jobs and begin ramping up within three to five years, with operations starting no earlier than 2031. Swift Current Energy brings a strong track record of clean energy projects, positioning Memphis at the forefront of renewable infrastructure development.

BTS Towers Cell Tower lease
The Boards also approved a lease with BTS Towers for construction of a new 199-foot cell tower on .083 acres of Port-managed land. The agreement includes a five-year term with five five-year options, annual rent starting at $21,600, and incremental increases for additional tower users. In addition to enhancing communications capacity, the tower agreement allows the Port to use the structure for security cameras – improving both infrastructure and safety.

Mallory Alexander & Beeline Jobs PILOT
In support of Memphis’s logistics strength, the Boards approved a five-year Jobs PILOT for Mallory Alexander International Logistics and Beeline Import and Services. The $11.1 million investment will automate Beeline’s Memphis distribution center, creating at least 35 new jobs with an average wage of nearly $50,000.

Mallory Alexander, a Memphis-based logistics leader since 1925, will partner with Beeline, a German-founded company expanding its U.S. distribution capabilities. This project will modernize supply chain operations while further establishing Memphis as a hub for international trade.

Poplar Corridor TIF prepayment
The Poplar Corridor Business District Association received approval to move forward with prepayment of its tax increment financing (TIF) loan, tied to multiple mixed-use and office developments in East Memphis. This investment will enhance the corridor’s economy, aesthetics, and overall quality of life while unlocking new opportunities for growth in one of the city’s busiest commercial areas.

Charles River Laboratories PILOT amendment
Finally, the Boards approved an amended Jobs PILOT for Charles River Laboratories, successor to Cognate BioServices. The company will invest $70 million in its Memphis facilities focused on advanced cell and gene therapy, while adjusting its commitments to 25 jobs at an average wage of $79,000. Charles River’s Memphis operations are a critical hub for next-generation medical research and drug manufacturing, supporting clinical advancements that can bring lifesaving treatments to market.

The August meeting underscored the region’s growing role in energy, logistics, bioscience, and real estate development. By leveraging strategic assets and fostering innovation, EDGE and the Port of Memphis continue to power economic growth, strengthen infrastructure, and position Memphis as a leader in global trade and industry.

The post Highlights from the August Port of Memphis and EDGE Board Meetings first appeared on Economic Development Growth Engine.