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Dayco Products, LLC

Project Number: 20150601
Project Type: Standard/Basic
Parcel ID: 073088 00201
County Commission District: 11 | City Council District: 03, 8

Summary

Dayco Products, LLC (Applicant) was awarded a 5-year Basic PILOT to enable the company to add 174 net new jobs and invest more than $11 million at a distribution facility located at 3530 East Raines Road or 4755 Southpoint Drive.

The Applicant will invest $400,000 in real property improvements and $3,000,000 in personal property at either facility.

In addition, the Applicant will receive Community Reinvestment Credit of $7,884,400 for use of the Raines Road facility, or $9,324,420 at Southpoint.

The average salary of the 174 new employees will be $26,753.

Dayco Products, LLC is a global leader in the research, design and manufacturing of a broad range of belts, tensioners, dampers, pulleys, hose and hydraulics equipment for the automotive, industrial and aftermarket industries.

The new facility will allow the Applicant to distribute its products throughout the US.

Founded over a 100 years ago, Dayco Products, LLC operates a fully integrated global network of manufacturing facilities, distribution centers, technical centers and sales offices. The new Raines Road facility will be utilized as a distribution center for Dayco products.

PILOT Term:

5

Projected New Jobs:

174

Projected Retained Jobs:

Not applicable

Total Jobs:

174

Projected Average Payroll of New Jobs:

$26,753

Projected Average Payroll of Retained Jobs:

Not applicable

Annual New Direct/Indirect Payroll:

$14,676,969

Annual Retained Direct/Indirect Payroll:

Not applicable

Total Capital Investment:

$11,284,400
Real Property Investment:
$400,000

Personal Property Investment:
$3,000,000

Community Reinvestment Credit (CRC):
$7,884,400

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$3,584,248

Projected Taxes Abated:

$1,163,197
City: $527,636 (80%)
County: $635,561 (75%)

Benefit/Cost Ratio:

3.08

Projected MWBE/LOSB Spending:

$1,077,730

Incentive Provided:

$1,163,197

Compliance Information

Not applicable

Approved

6/17/2015

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

Dayco Products, LLC

3530 Raines Road, Memphis, TN 38118