EDGE: Economic Development Growth Engine Board of Directors awarded two Payment In Lieu of Tax programs to an agricultural technology company, Indigo, and transportation and logistics company, Power Transport.
EDGE Board of Directors awarded a 15-year personal property Jobs Payment in Lieu of Tax (PILOT) and a $150,000 EDGE Cost Reimbursement Grant to Indigo. With the company’s decision to expand and relocate its corporate headquarters to Downtown Memphis, Indigo will retain 75 employees in Shelby County and create 625 net new jobs with an average salary of $92,313 with employer-sponsored healthcare. The company will make a personal property capital investment of $1.29 million to its corporate headquarters located at 175 Toyota Plaza and spend nearly $1 million with the City of Memphis and Shelby County-certified minority/women business enterprises. EDGE Staff projects $42,305,548 in local total tax revenues to be received during the PILOT term.
“Indigo’s decision to expand and locate its corporate headquarters to Memphis, TN will be transformational for the community,” said Reid Dulberger, EDGE President/CEO. “Because of the proximity of Indigo’s customer base and the region’s emerging strength in research technology, Memphis is a strong fit for the company’s expansion.
In addition, EDGE Board of Directors awarded an eight-year Jobs Payment in Lieu of Tax (PILOT) to Memphis-based transportation and logistics company, Power Transport. The PILOT will encourage the company to create 26 net new jobs with an average salary of $62,807 and invest $1,675,000 at 3036 Directors Row, a vacant and underutilized collection of buildings near the Memphis International Airport. Power Transport plans to reuse a portion of the buildings for storage and logistics activities, demolish a portion of the buildings to create additional truck staging space, and renovate the remainder for corporate office functions. EDGE Staff projects $860,634 in local tax revenues to be received during the PILOT term.
“We want to thank both IndigoAg and Power Transport for committing to the future of Memphis,” said Al Bright, EDGE Board Chairman. “We have been dedicated to growing our economy for a long time and we look forward to strong partnerships with both which, in turn, will serve to create a tremendous economic impact for our fellow Memphians.”