Project Number: 20190704
Pilot Type: Fast Track
Status: Approved
Parcel ID: 073097 00038C
County Commission District: 11 | City Council District: 03, 08

Summary

FR8 Zone Inc. was awarded a ten-year Fast Track PILOT to encourage the company to create 32 Net New Jobs with an average base salary of $32,805 excluding benefits and invest $11,550,000 in the City of Memphis at 4173 B.F. Goodrich Boulevard.

FR8 Zone Inc. is a development stage company creating technology to replace RFID (radio frequency identification) tracking with new supply chain logistics technologies and infrastructure. The privately held company based in New York with affiliates in New Jersey, California and Florida will use this facility for third-party logistics and in development, manufacturing and installation of proprietary devices that monitor products throughout the entirety of the supply chain. These devices, combined with FR8 Zone’s proprietary software, are designed to improve efficiency and reduce costs related to warehousing and logistics.

PILOT Term:

10

Projected New Jobs:

32

Projected Retained Jobs:

Not applicable

Total Jobs:

32

Projected Average Payroll of New Jobs:

$32,805

Projected Average Payroll of Retained Jobs:

Not applicable

Annual New Direct/Indirect Payroll:

$3,685,208

Annual Retained Direct/Indirect Payroll:

Not applicable

Total Capital Investment:

$11,550,000
Real Property Investment:
$9,800,000

Personal Property Investment:
$900,000

Community Reinvestment Credit (CRC):
Not applicable

Capital Investment not in PILOT:
$850,000

Projected Tax Revenue:

$1,972,854

Projected Taxes Abated:

$2,046,089
City: $894,141 (75%)
County: $1,151,948 (75%)

Benefit/Cost Ratio:

0.96

Projected MWBE/LOSB Spending:

$1,306,913

Incentive Provided:

$2,046,088

Compliance Information

Not applicable

Approved

7/17/2019

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

FR8 Zone Inc.

4173 BF Goodrich , Memphis, TN 38118