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Barnhart Crane and Rigging

Project Number: 20130601
Project Type: Standard/Basic
Parcel ID: 0600092 00041
County Commission District: 10 | City Council District: 4

Summary

Barnhart Crane and Rigging, Inc. was approved for a 9-year PILOT, enabling the company to add 20 new jobs and make a total investment of $5.2 million at the 2085 WE Freeman facility.

Barnhart will purchase the 153,455-square-foot facility at 2085 WE Freeman and construct an additional 60,000-square-foot expansion.

The project will create $838,043 in new tax revenue for Memphis and Shelby County. As part of this expansion, Barnhart plans to grow its local employment from 106 to 126 full-time positions; the average salary of the new employees will be $64,532.

The project will generate a Benefit/Cost ratio of 1.27 new tax revenue to $1.00 of abated taxes.

PILOT Term:

9 years

Projected New Jobs:

20

Projected Retained Jobs:

Not applicable

Total Jobs:

20

Projected Average Payroll of New Jobs:

$64,532

Projected Average Payroll of Retained Jobs:

Not applicable

Annual New Direct/Indirect Payroll:

$2,337,131

Annual Retained Direct/Indirect Payroll:

Not applicable

Total Capital Investment:

$5,200,000
Real Property Investment:
$2,200,000

Personal Property Investment:
Not applicable

Community Reinvestment Credit (CRC):
$1,102,800

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$838,043

Projected Taxes Abated:

$661,577
City: $316,367
County: $345,210

Benefit/Cost Ratio:

1.27

Projected MWBE/LOSB Spending:

$1,189,400

Incentive Provided:

$661,577

Compliance Information

Not applicable

Approved

6/19/2013

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

Barnhart Crane and Rigging

2163 Airways Blvd, Memphis, TN 38114