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Continental Tire

Project Number: 20140401
Project Type: Standard/Basic
Parcel ID: 073006 00012
County Commission District: 11 | City Council District: 3

Summary

Continental Tire was approved for a 5-year PILOT to enable the applicant to add 25 net new jobs and invest more than $1.5 million in real and personal property.

The Applicant will invest $200,000 in Real Property Improvements and will invest $1,325,000 in Personal Property at 3474 Winchester Road. The Applicant will renovate 50,000 square feet at the Winchester location.

The project will create $616,281 in new tax revenue for Memphis and Shelby County over the 5-year term.

The Applicant is one of the world’s leading automotive industry suppliers and currently employs 178,000 workers at 190 locations in 46 countries. The Applicant anticipates the addition of 7,000 new jobs worldwide in 2014.

The average salary of the new employees will be $41,814.

The Applicant will receive $541,100 Community Reinvestment Credit.

PILOT Term:

5

Projected New Jobs:

25

Projected Retained Jobs:

Not applicable

Total Jobs:

25

Projected Average Payroll of New Jobs:

$41,814

Projected Average Payroll of Retained Jobs:

Not applicable

Annual New Direct/Indirect Payroll:

$17,247,570

Annual Retained Direct/Indirect Payroll:

Not applicable

Total Capital Investment:

$2,066,100
Real Property Investment:
$200,000

Personal Property Investment:
$1,325,000

Community Reinvestment Credit (CRC):
$541,100

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$616,281

Projected Taxes Abated:

$161,325
City: $70,499
County: $90,826

Benefit/Cost Ratio:

3.82

Projected MWBE/LOSB Spending:

$340,500

Incentive Provided:

$161,325

Compliance Information

Not applicable