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AVT Beckett Elevator USA, Inc.

Project Number: 20170901
Project Type: Fast Track
Parcel ID:
County Commission District: 11 | City Council District: 03

Summary

VT Beckett Elevators USA, Inc. was awarded a ten-year EDGE Fast Track Payment In lieu of Tax (PILOT). The project will bring 25 new jobs to Memphis with an average salary of $35,992 excluding benefits and $3.5 million worth of capital investment to the facility located at 4949 East Raines Road. The Memphis location will be the company’s first facility located in the United States.

Founded in 2007, AVT Beckett Elevator sells to all five major elevator companies in Canada, as well as approximately 50 independently owned elevator companies. The company has 40% market share in Canada and wants to expand into the United States market.

EDGE Staff projects $1,222,984 in local total tax revenues to be received during the PILOT term and a $477,211 benefit to AVT Beckett.

PILOT Term:

10

Projected New Jobs:

25

Projected Retained Jobs:

Not applicable

Total Jobs:

25

Projected Average Payroll of New Jobs:

$35,992

Projected Average Payroll of Retained Jobs:

Not applicable

Annual New Direct/Indirect Payroll:

$899,804

Annual Retained Direct/Indirect Payroll:

Not applicable

Total Capital Investment:

$3,575,000
Real Property Investment:
$520,000

Personal Property Investment:
$3,055,000

Community Reinvestment Credit (CRC):
$706,400

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$1,222,984

Projected Taxes Abated:

$477,211
City: $208,542 (75%)
County: $268,669 (75%)

Benefit/Cost Ratio:

2.56

Projected MWBE/LOSB Spending:

$176,018

Incentive Provided:

$477,211

Compliance Information

Not applicable

Approved

9/20/2017

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

AVT Beckett Elevator USA, Inc.

4949 East Raines Road, Memphis, TN 38118