Project Number: 20130901
Pilot Type: Standard/Basic
Status: Terminated
Parcel ID: 080023 A00023C
County Commission District: 13 | City Council District: 2

Summary

National Bankers Trust was approved for a four-year PILOT to enable the alternative commercial lender to invest $6 million while adding 43 new jobs at its new corporate headquarters located at 813 Ridge Lake Blvd.

National Bankers Trust will purchase the previously vacant 51,000-square-foot Ridge Lake facility and immediately occupy 34,000 square feet, with plans to expand into the remaining space.

The project will create $824,887 in new tax revenue for Memphis and Shelby County, a benefit-cost ratio of $1.40 in new tax revenue for every $1.00 of abated taxes.

THE ENOBLE PILOT AGREEMENT WAS TERMINATED, JULY 14, 2016.

PILOT Term:

4

Projected New Jobs:

43

Projected Retained Jobs:

Not applicable

Total Jobs:

43

Projected Average Payroll of New Jobs:

$42,906

Projected Average Payroll of Retained Jobs:

Not applicable

Annual New Direct/Indirect Payroll:

$5,331,440

Annual Retained Direct/Indirect Payroll:

Not applicable

Total Capital Investment:

$7,037,879
Real Property Investment:
$5,487,879

Personal Property Investment:
$600,000

Community Reinvestment Credit (CRC):
$950,000

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$824,887

Projected Taxes Abated:

$588,649
City: $283,886 (75%)
County: $304,763 (75%)

Benefit/Cost Ratio:

1.40

Projected MWBE/LOSB Spending:

$1,275,000

Incentive Provided:

$588,649

Compliance Information

Not applicable

Approved

9/18/2013

Ramp up Period

2

Closing

3/13/2015 (Real)
12/31/2015 (Personal)

Effective

3/13/2019

Lease Begins

3/13/2015 (Real)
12/31/2015 (Personal)

Lease Expires

3/13/2019 (Real)
12/31/2019 (Personal)

Amended

Not applicable

Property Details

Lease Began

3/13/2015 (Real)
12/31/2015 (Personal)

Lease Expires

3/13/2019 (Real)
12/31/2019 (Personal)

Enoble

813 Ridge Lake BLVD, Memphis, TN 38120