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Cordova Safety Products, International Sourcing Company

Project Number: 20120301
Project Type: Standard/Basic
Parcel ID: 073036 00002C
County Commission District: 5 | City Council District: 4, 8

Summary

Cordova Safety Products International Sourcing Company, a Memphis-based and minority owned business, will invest $1.9 million and hire 20 new employees while expanding its operations to a 614,274-square-foot building at 4025 Viscount.

The 5-year PILOT will help the local company grow its gloves, helmets, eye wear, safety vests, waterproof footwear, safety fencing, barricade tapes, back-support belts and ear protection distribution company while creating new jobs that will make on average $43,812.

PILOT Term:

5 years

Projected New Jobs:

20

Projected Retained Jobs:

Not applicable

Total Jobs:

20

Projected Average Payroll of New Jobs:

$43,812

Projected Average Payroll of Retained Jobs:

Not applicable

Annual New Direct/Indirect Payroll:

$1,691,856

Annual Retained Direct/Indirect Payroll:

Not applicable

Total Capital Investment:

$4,500,000
Real Property Investment:
$400,000

Personal Property Investment:
$1,500,000

Community Reinvestment Credit (CRC):
$2,600,000

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$481,798

Projected Taxes Abated:

$381,522
City: $182,140
County: $199,382

Benefit/Cost Ratio:

1.26

Projected MWBE/LOSB Spending:

$561,000

Incentive Provided:

$381,522

Compliance Information

Not applicable

Approved

5/16/2012

Ramp up Period

2 years

Closing

12/31/2012 (Real)

Effective

6/6/2012

Lease Begins

Not applicable

Lease Expires

10/9/2016 (Real)

Amended

Not applicable

Property Details

Lease Began

Not applicable

Lease Expires

10/9/2016 (Real)

Cordova Safety Products, International Sourcing Company

4025 Viscount Ave, Memphis, TN 38118