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Agilent Technologies

Project Number: 20171201
Project Type: Fast Track
Parcel ID: 09420000544
County Commission District: 5 | City Council District: 3

Summary

Agilent Technologies, Inc. was awarded a ten-year Fast Track PILOT to open a distribution facility at 5050 Holmes Road. The project will create 117 net new jobs with an average base salary of $40,670 excluding benefits. Agilent Technologies will make $720,000 worth of capital investment to the facility

The project site at 5050 Holmes Road is comprised of 30 acres and includes an approximately 454,713 square foot facility. Agilent Technologies will receive Community Reinvestment Credit for the use of 220,635 square feet. The total project investment includes a $340,000 purchase of computer equipment and copiers. Additionally, Agilent Technologies will invest $360,000 to renovate the facility. Agilent Technologies will spend $20,000 in soft costs that will not be abated.

Agilent Technologies, Inc. is a global leader in life sciences, dianostics, and applied chemical markets. Agilent was created when it spun off from Hewlett-Packard Company in 1999. The company provides laboratories worldwide with instruments, services, consumables, applications and expertise. Agilent focuses on six key markets: food, environmental and forensics, pharmaceutical, diagnostics, chemical and energy, and research.

EDGE projects $5,048,502 in local total tax revenues to be received during the PILOT term and a $1,614,563 benefit to Agilent Technologies.

PILOT Term:

10

Projected New Jobs:

117

Projected Retained Jobs:

Not applicable

Total Jobs:

117

Projected Average Payroll of New Jobs:

$40,670

Projected Average Payroll of Retained Jobs:

Not applicable

Annual New Direct/Indirect Payroll:

$4,758,390

Annual Retained Direct/Indirect Payroll:

Not applicable

Total Capital Investment:

$7,544,240
Real Property Investment:
$360,000

Personal Property Investment:
$340,000

Community Reinvestment Credit (CRC):
$6,824,240

Capital Investment not in PILOT:
$20,000

Projected Tax Revenue:

$5,048,502

Projected Taxes Abated:

$1,614,563
City: $705,564 (75%)
County: $908,999 (75%)

Benefit/Cost Ratio:

3.12

Projected MWBE/LOSB Spending:

$332,184

Incentive Provided:

$1,614,563

Compliance Information

Not applicable

Approved

12/20/2017

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

Agilent Technologies

5050 Holmes Road, Memphis, TN 38118