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Dayco Products, LLC
Project Number: 20150601
Pilot Type: Standard/Basic
Parcel ID: 073088 00201
County Commission District: 11 | City Council District: 03, 8
Pilot Type: Standard/Basic
Parcel ID: 073088 00201
County Commission District: 11 | City Council District: 03, 8
Summary
Dayco Products, LLC was awarded a five-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.Dayco Products will invest $400,000 in real property improvements and $3,000,000 in personal property at either facility.
In addition, the company 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 enable the company to distribute its products throughout the US.
Founded more than 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
10/16/2015 (Real)
12/31/2015 (Personal)
12/31/2015 (Personal)
Effective
Not applicable
Lease Begins
10/16/2015 (Real)
12/31/2015 (Personal)
12/31/2015 (Personal)
Lease Expires
10/16/2020 (Real)
12/31/2020 (Personal)
12/31/2020 (Personal)
Amended
Not applicable
Property Details
Lease Began
10/16/2015 (Real)
12/31/2015 (Personal)
12/31/2015 (Personal)
Lease Expires
10/16/2020 (Real)
12/31/2020 (Personal)
12/31/2020 (Personal)
Dayco Products, LLC
3530 Raines Road, Memphis, TN 38118- Project Files
-
Closing
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Real Property Leases
-
2015_
July_ 25th_ Estoppel_ Certificate_ DAYCO_ Products. pdf -
2015_
Nov_ 24th_ Lessor_ Consent_ and_ Estoppel_ Certificate_ DAYCO_ Products. pdf -
2015_
Oct_ 16th_ RP_ Lease_ DAYCO_ Products_ Midwest_ Centerpoint_ III. pdf -
2016_
Aug_ 8th_ Assignment_ and_ Assumption_ of_ Ground_ Leasehold_ Interest_ Midwest_ Centerpoint_ III. pdf -
2016_
July_ 25th_ Joinder_ of_ PILOT_ Lessor. pdf
-
2015_
- Personal Property Leases
- Bills of Sale
- Compliance Files