During the September board meeting, the EDGE Board met and approved two PILOT (Payment In Lieu of Taxes) amendments that will create and retain more than 700 jobs in Memphis, encouraging investment and economic growth. Additionally, the Economic Development Finance Committee approved one new Inner City Economic Development (ICED) Loan.
In November 2019, Le Saint Logistics applied for a 10-year Fast Track PILOT to enable the company to create 52 net new jobs and $6.92 million in capital investment. At the September board meeting, the organization was awarded the amendment to its Fast Track PILOT incentive on property improvements and tangible personal property to add 19 new jobs for a total of 71 net new jobs with an average base salary of $37,620, excluding benefits and an additional $3.8 capital investment bringing the total capital investment to $10.7 million.
Additionally, EDGE approved a PILOT incentive for Medtronic Logistics LLC and Ceva Logistics U.S. Inc. The co-applicants applied for a 15-year Jobs PILOT to expand its location into a new light manufacturing and distribution center at 5300 Airways, to retain 365 existing Memphis employees, and to create 265 net new jobs with an average wage of $48,715. Medtronic and CEVA will jointly receive PILOT benefits for the project and collectively be responsible for PILOT commitments, reporting, and compliance.
“As we continue to power progress through partnerships, EDGE is working to solidify Memphis as an economic powerhouse,” said Dr. Joann Massey, EDGE Vice President of Operations. “Creating and retaining jobs is a key piece of projects looking to relocate or expand.”
EDGE offers several PILOT programs designed to encourage and assist projects that will help the community grow and prosper.
“These businesses are contributing to the growth of jobs and capital investment in Memphis,” said Mayor Jim Strickland. “Through collaboration like this, our community will continue to grow and prosper.”
Additionally, the Economic Development Finance Committee met, approved, and awarded an ICED Loan to Dr. Shayna Wilson with Little Learners Literacy Academy, located at 2510 Mt. Moriah. The loan will help Wilson complete nearly $168,000 of qualified building facade and interior improvements.
The ICED Loan program is designed to spark revitalization of Memphis inner-city neighborhood business districts through small forgivable loans, up to $25,000.
“Investments in a variety of industries – manufacturing, logistics, and education – contribute to a well-rounded, robust community filled with opportunity,” said Massey.