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Agilent Technologies

Project Number: 20171201
Pilot 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

Agilent Technologies, Inc. is a global leader in life sciences, diagnostics, 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 Staff 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 years

Closing

6/1/2018 (Real)
12/31/2018 (Personal)

Effective

6/1/2018

Lease Begins

6/1/2018 (Real)
12/31/2018 (Personal)

Lease Expires

6/1/2028 (Real)
12/31/2028 (Personal)

Amended

Not applicable

Property Details

Lease Began

6/1/2018 (Real)
12/31/2018 (Personal)

Lease Expires

6/1/2028 (Real)
12/31/2028 (Personal)

Agilent Technologies

5050 Holmes Road, Memphis, TN 38118