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Benchmark Education Company

Project Number: 20141001
Project Type: Standard/Basic
Parcel ID: 094100 00153
County Commission District: 11 | City Council District: 3

Summary

Memphis, Tenn. -­-­ Benchmark Education Company was awarded a 4-year PILOT to enable the company to create 60 new jobs and invest more than $4 million.

The PILOT will enable the Applicant to move its current operation from West Nyack, N.Y., to a new location at 3955 East Holmes Road.

The new location will serve as a fulfillment, warehousing and customer services operation for the company.

Benchmark Education will receive a Community Reinvestment Credit (CRC) of more than $3.5 million.

The average annual salary of the new employees will be $33,593.

The Project will create more than $1 million in new tax revenue for Memphis and Shelby County, a Benefit/Cost ratio of $2.35 of new tax revenue to every $1.00 of taxes abated.

Benchmark Education is an educational publishing company that has been in business for more than 16 years.

The company provides classroom tested solutions that help differentiate instructions and help every student achieve success.

PILOT Term:

4 years

Projected New Jobs:

60

Projected Retained Jobs:

Not applicable

Total Jobs:

60

Projected Average Payroll of New Jobs:

$33,593

Projected Average Payroll of Retained Jobs:

Not applicable

Annual New Direct/Indirect Payroll:

$5,317,168

Annual Retained Direct/Indirect Payroll:

Not applicable

Total Capital Investment:

$4,661,625
Real Property Investment:
$650,000

Personal Property Investment:
$500,000

Community Reinvestment Credit (CRC):
$3,511,625

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$1,026,244

Projected Taxes Abated:

$436,731
City: $190,851
County: $245,880

Benefit/Cost Ratio:

2.35

Projected MWBE/LOSB Spending:

$47,500

Incentive Provided:

$436,732

Compliance Information

Not applicable

Approved

10/15/2014

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

Benchmark Education Company

3955 East Holmes Road, Memphis, TN 38118