The EDGE Board of Directors met today for its monthly meeting and approved a PILOT for Riviana Foods, Inc. Riviana Foods, Inc. is the largest processor, marketer, and distributor of rice products in the United States. This PILOT will assist the company to continue its expansion of its south Memphis operations to accommodate its ready-to-serve product manufacturing lines.
Coupled with an over $80 million-dollar capital investment, the 11-year PILOT will generate 80 new jobs with an average annual salary of $44,574. Riviana received a seven-year PILOT in 2019 to bring in 43 new jobs and a $21 million investment. With the approval of this PILOT, the real property portion of the previous 2019 PILOT will terminate when the new PILOT closes.
The EDGE Board of Directors also approved a closing extension for two 10-year Residential PILOTs impacted by COVID-19. The Grove Studios and Grove Townhouses developments, located near Highland and Southern, would bring over $7M in combined capital funding and offer 20 townhouses and 30 studio units in the University District. The projects are supported by UNDC and University of Memphis.
Additionally, the Board of Directors discussed the North Memphis Industrial Project Area and Shelby County’s request to have the Industrial Development Board of the City of Memphis and County of Shelby, Tennessee(“IDB”) accept the Property for future development.
The Board of Directors recognized long serving EDGE and Port Authority Board Member Larry Jackson. Mr. Vijay Kalaga has been appointed by Mayors Harris to fill Mr. Jackson’s seat. Mr. Kalaga is a VP and Senior Relationship Manager for Bank of America and services on several community organizations including the Community Legal Center and Leadership Memphis.