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Aesthetic Management Partners

Project Number: 20200802
Pilot Type: Jobs
Status: Approved
Parcel ID: D0215 00466
County Commission District: 2 | City Council District:

Summary

Aesthetic Management Partners, Inc. (“Applicant”) was approved for a 12-year Jobs PILOT to enable the company to create 26 Net New Jobs with an average wage of $120,769 and invest $2,900,000 at 9113 Macon Road in unincorporated Shelby County.

The total project investment includes purchase of the property for $2,400,000 ($301,100 land and $2,098,900 building) and $500,000 in new personal property.
Both real property improvements and new personal property will be included in the PILOT. Community Reinvestment Credit has been requested.

Parcel D0215 00466 (9113 Macon Road) is 4.309 acres and contains a 35,000 square foot office/warehouse building. The applicant is purchasing the entire property but will occupy only 27,500 square feet. Therefore, the investment tables following in this term sheet, the project analysis and the proportional benefit being extended for the real property are based on 78.57% of the occupied space.

Aesthetic Management Partners was launched two years ago in Tustin, California to provide comprehensive business support to medical device manufacturers and clinics. The company provides product distribution, branding, marketing and sales support for manufacturers. The company provides a catalog of products and equipment necessary for in-demand patient procedures. In a short time, Aesthetic Management Partners has grown to almost $13 million in annual revenue.

While a great deal of the company’s business is currently in California, Aesthetic Management Partners has been investigating relocation of its headquarters to a more central location in the United States and into a facility that can accommodate multiple business functions. 9113 Macon provides space for key administrative functions including the company’s President, Vice President, Chief Operating Officer, Chief Financial Officer, four managers, 10 salespeople and the logistics customer service department. The property will also allow the company to bring more distribution in house as opposed to using third-party services. A small office will remain in California and a small number of other employees will work remotely around the country.

Estimated annual County property taxes will be $11,092 during the PILOT term and $31,763 after. The location produces $27,011 today in property taxes. Staff projects $1,721,437 in total local tax revenues to be received during the PILOT term of this project and a $261,355 benefit to the Applicant.

PILOT Term:

12 Years

Projected New Jobs:

26

Projected Retained Jobs:

Not applicable

Total Jobs:

26

Projected Average Payroll of New Jobs:

$120,769

Projected Average Payroll of Retained Jobs:

Not applicable

Annual New Direct Payroll:

$3,139,994

Annual Retained Direct Payroll:

Not applicable

Total Capital Investment:

$2,900,000
Real Property Investment:
$1,885,680

Personal Property Investment:
$500,000

Community Reinvestment Credit (CRC):
Not applicable

Capital Investment not in PILOT:
$514,320

Projected Tax Revenue:

$1,721,437

Projected Taxes Abated:

$261,355
City: Not applicable
County: $261,355 (75%)

Benefit/Cost Ratio:

6.59

Projected MWBE/LOSB Spending:

$39,203

Incentive Provided:

$261,355

Compliance Information

Not applicable

Approved

8/19/2020

Ramp up Period

2 Years

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

Aesthetic Management Partners

9113 Macon Road , Cordova, TN 38016