The Economic Development Growth Engine (EDGE) Board of Directors approved two Jobs Payment-in-Lieu-of-Tax (PILOT) requests from Ebrofrost North America, Inc., and Nucor Steel Memphis, Inc.
EDGE Board approved a seven-year Jobs PILOT for Ebrofrost North America, Inc. Ebrofrost North America, Inc. Ebrofrost North America, Inc. is a wholly owned subsidiary of Ebrofrofrost Holding GmbH, the largest rice and second largest pasta manufacturer in the world. This facility will be the equivalent of three similar operations in Europe that process and distribute IQF (Individually Quick Frozen) rice, pasta, and grain products.
For the terms of this PILOT, Ebrofrost North America, Inc. will create 16 new positions with an average base salary of $48,477 excluding overtime and benefits, and make more than $24 million worth of capital investments to a processing facility located at 2360 Prospect Street. Ebrofrost North America, Inc. is also required to spend at least $3,005,577 with certified minority and locally owned businesses. The PILOT analysis projects a total of $1,581,690 worth of local tax revenues generated by the PILOT across the seven-year PILOT term.
EDGE Board approved a five-year Jobs PILOT for Nucor Steel Memphis, Inc. Nucor Steel Memphis, Inc. is a wholly-owned subsidiary of Nucor Corporation. Nucor Corporation and its affiliates manufacture steel products with operating facilities primarily in the U.S and Canada. The products offered include carbon and alloy steel —in bars, beams, and sheets.
For the terms of this PILOT, Nucor Steel Memphis will create 15 new positions with an average base salary of $56,333, excluding overtime and benefits, and complete more than $8.1 million worth of capital investments to a manufacturing facility located at 2315 Pier Street. Nucor Steel is also required to spend at least $133,963 worth of certified locally owned businesses. The PILOT analysis projects a total of $595,493 worth of local tax revenues generated by the PILOT across the five-year PILOT term.
“With opportunities to place either of these projects in locations outside of not just Memphis and Shelby County, but outside of the United States, speaks volumes to the quality of the local workforce and our community’s strong business infrastructure,” says Reid Dulberger, President/CEO, EDGE.
Created in 2011 to strengthen and streamline City and county economic development efforts, EDGE provides and coordinates public resources to drive economic development in Memphis and Shelby County. EDGE offers a variety of programs to generate jobs, revenue, and community investment. Approved EDGE projects are projected to create and retain more than 11,000 jobs with $2.3 billion of new investment, and $856 million in new tax revenue for Memphis and Shelby County.