The EDGE Board today met and approved one new PILOT (Payment In Lieu of Taxes) and one PILOT amendment. Collectively, Blue Suede Networks and Le Saint Logistics will invest more than $877 million into the City of Memphis. Additionally, the board voted to approve a grant to the MidSouth Development District to produce an updated Comprehensive Economic Development Strategy.
Following the city’s Smart Memphis Fiber Initiative Request for Proposal issued in April 2022, Blue Suede Networks was selected as the preferred bidder in October 2022. Throughout the next five years, the company is proposing to install approximately 3,400 miles of dark high-speed fiber optic cable in the public right-of-way, passing approximately 85 percent of all premises in the City of Memphis – including approximately 85 percent of premises in low or low/moderate income Census Tracts. The approved 15 Year Jobs PILOT will allow Blue Suede Networks to invest $829 million in the city and create 15 Net New Jobs with an average wage of $123,533.
In November 2019, Le Saint Logistics applied for a 10-year Fast Track PILOT to enable the company to create 71 net new jobs with an average base salary of $37,620 excluding benefits and invest $48,208,952 in the City of Memphis. In September 2023, the organization was awarded an amendment to its Fast Track PILOT incentive on the real property improvements and tangible personal property. Because of the circumstances surrounding the project, the company has further requested and been awarded another amendment to its PILOT project.
“Economic development isn’t just about individual projects and investment. As businesses invest in Memphis and create jobs, that impact reverberates throughout our city,” said Mayor Paul Young. “It holds the transformative power to uplift our neighborhoods, unlock more innovation and growth, and enhance the quality of life for our community members.”
Additionally, EDGE approved a $100,000 grant to MidSouth Development District. The organizations will partner to develop and produce the Comprehensive Economic Development Strategy (CEDS) for the Memphis metropolitan area including Shelby, Fayette, Tipton, and Lauderdale counties in TN; DeSoto County in Mississippi, and Crittenden County in AR. EDGE, along with Port of Memphis leadership, will hold a seat on the committee.
“Investing in economic prosperity and research-driven innovation is not just about shaping tomorrow, but securing a legacy of sustainable growth and boundless opportunities for the future,” said Dr. Joann Massey, EDGE Vice President of Operations. “Through strategic planning and collaborative efforts, we are creating opportunities for communities to prosper.”