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AutoZone Parts Inc.

Project Number: 20190601
Pilot Type: Jobs
Status: Approved
Parcel ID: 002042 00021, 002042 0020, 002042 0019, 002044 00004C
County Commission District: 08 | City Council District: 06, 08

Summary

AutoZone Parts Inc. was awarded a fifteen-year Jobs PILOT to encourage the company to create 130 Net New Jobs with an average base salary of $80,439 excluding benefits, and invest $145,488,960 in the City of Memphis.

The total project investment includes current real property value of $2,916,800 and $3,100,000 for renovations to 100-110 South Front, and $139,472,160 for new personal property to be located at both 100-110 South Front Street and 123 South Front Street.

AutoZone has been evaluating locations for new technology and customer support operations for digital, retail and commercial expansion. This expansion will allow the company to provide faster fulfillment of parts requests and aid mechanics with on-demand access to comprehensive repair information. The location for this activity will house servers, databases and related computer software and hardware, in addition to engineers, software developers and other employees.

AutoZone is the nation’s leading retailer and distributor of automotive replacement parts and accessories. Founded in 1979, the Memphis based company has grown to 6,202 stores around the world, with 12 distribution centers and approximately 90,000 total employees.

EDGE Staff projects $14,052,261 in local total tax revenues to be received during the PILOT term of this project and an $11,279,798 benefit to AutoZone.

PILOT Term:

15

Projected New Jobs:

130

Projected Retained Jobs:

Not applicable

Total Jobs:

130

Projected Average Payroll of New Jobs:

$80,439

Projected Average Payroll of Retained Jobs:

Not applicable

Annual New Direct/Indirect Payroll:

$10,457,125

Annual Retained Direct/Indirect Payroll:

Not applicable

Total Capital Investment:

$145,488,960
Real Property Investment:
$3,100,000

Personal Property Investment:
$139,472,160

Community Reinvestment Credit (CRC):
$2,916,800

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$14,052,261

Projected Taxes Abated:

$11,279,798
City: $4,929,272 (75%)
County: $6,350,526 (75%)

Benefit/Cost Ratio:

1.25

Projected MWBE/LOSB Spending:

$1,390,287

Incentive Provided:

$11,279,798

Compliance Information

Not applicable

Approved

6/19/2019

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

AutoZone Parts Inc.

100 South Front Street, 104 South Front Street Memphis, TN 38103