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2615 Summer, LLC dba Stone Solution

Project Number: 20200402
Pilot Type: Jobs
Status: Approved
Parcel ID: 033042 00021
County Commission District: | City Council District:

Summary

2615 Summer, LLC d/b/a Stone Solution (“Applicant”) was approved for a five-year Jobs PILOT to enable the company to create 15 net new jobs with an average base salary of $44,640 and invest $2,090,000 in a New Markets Tax Credits Eligible Census Tract in the City of Memphis at 2615 Summer Avenue.

The Applicant is seeking to establish a granite and quartz-based countertop manufacturing and finishing operation in the United States to onshore custom cut-to-size production closer to US customers and diversify the supply chain. The project investment includes $575,000 to purchase the existing vacant facility ($185,900 land and $389,100 building), $200,000 in renovations and $1,315,000 in new personal property.

Parcel 033042 00021 (2615 Summer Avenue) is 0.98 acres and contains a 14,093 square foot warehouse. Real property improvements and construction at the site and new personal property will receive PILOT benefit. Community Reinvestment Credit has been requested.

Stone Solution is a new business being created utilizing the industry knowledge of executives of Blake Solutions, Inc. (BSI). C. Wilson Blake, Chief Executive Officer of Blake Solutions, Inc., is the owner of Applicant. BSI is a nationwide turn-key provider of cabinets, countertops, sinks and shower enclosures for the large multi-unit apartment and student housing industry, hotels and assisted living projects. For 25 years, the Memphis based company has provided pre-construction, project management and installation services for 1,059 different projects. BSI also has locations in Nashville, Salt Lake City, Denver and Atlanta with annual sales of over $17,000,000.

The current operating model for multi-unit builders and contractors for granite and quartz-based counter tops involves sourcing cut-to-size stone from foreign providers, primarily from Asia, Brazil, India and Europe. This project will create a large-scale cutting operation in the United States. The investment in high speed, robotic cutting equipment will allow Stone Solution to efficiently produce the amount of finished stone necessary to meet the need for nationwide multi-unit builds of BSI and other similar companies.

PILOT Term:

5

Projected New Jobs:

15

Projected Retained Jobs:

Not applicable

Total Jobs:

15

Projected Average Payroll of New Jobs:

$44,640

Projected Average Payroll of Retained Jobs:

Not applicable

Annual New Direct Payroll:

$669,600

Annual Retained Direct Payroll:

Not applicable

Total Capital Investment:

$2,090,000
Real Property Investment:
$775,000

Personal Property Investment:
$1,315,000

Community Reinvestment Credit (CRC):
Not applicable

Capital Investment not in PILOT:
$15

Projected Tax Revenue:

$385,350

Projected Taxes Abated:

$131,342
City: $57,931
County: $73,411

Benefit/Cost Ratio:

2.93

Projected MWBE/LOSB Spending:

$69,701

Incentive Provided:

$131,342

Compliance Information

Not applicable

Approved

4/15/2020

Ramp up Period

2

Closing

Not applicable

Effective

Not applicable

Lease Begins

Not applicable

Lease Expires

Not applicable

Amended

Not applicable

Property Details

Lease Began

Not applicable

Lease Expires

Not applicable

2615 Summer, LLC dba Stone Solution

2615 Summer Avenue, Memphis, TN 38112