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Franklin Sports Inc.

Project Number: 20180401
Project Type: Jobs
Parcel ID: 09410000069
County Commission District: 11 | City Council District: 3

Summary

Franklin Sports, Inc. was awarded a six-year Jobs PILOT to enable the company to add 27 jobs with an average salary of $39,722 excluding benefits and invest $16,410,000 at 0 Holmes Road (with frontage on Getwell).

Headquartered in the Boston area since 1946, Franklin Sports, Inc. manufactures and distributes sporting goods for both team play and home use. Franklin products are sold around the world at retailers including Wal-Mart, Target and Dick’s Sporting Goods, in addition to online outlets. The company has partnerships with professional sports leagues and many universities.

Since 2003, Franklin Sport’s sole U.S.-based distribution operation has been in Memphis, TN. Currently, the company employs 60 people, occupies 300,000 square feet in the adjoining property, and leases 100,000 square feet of overflow space in a different location. The company has twice outgrown its buildings in Memphis and is now analyzing future location needs for serving North American customers. The company would like to maintain its existing Memphis facility, expand the building or construct a new facility on a neighboring property, and reinvest in the operation.

Staff projects $1,405,255 in local total tax revenues to be received during the PILOT term of this project and an estimated $1,911,363 benefit to Franklin Sports, Inc.

PILOT Term:

6

Projected New Jobs:

27

Projected Retained Jobs:

Not applicable

Total Jobs:

27

Projected Average Payroll of New Jobs:

$39,722

Projected Average Payroll of Retained Jobs:

Not applicable

Annual New Direct/Indirect Payroll:

Not applicable

Annual Retained Direct/Indirect Payroll:

Not applicable

Total Capital Investment:

$16,410,000
Real Property Investment:
$13,750,000

Personal Property Investment:
$1,500,000

Community Reinvestment Credit (CRC):
Not applicable

Capital Investment not in PILOT:
$1,160,000

Projected Tax Revenue:

$1,405,255

Projected Taxes Abated:

$1,911,363
City: $835,266 (75%)
County: $1,076,097 (75%)

Benefit/Cost Ratio:

0.74

Projected MWBE/LOSB Spending:

$3,724,205

Incentive Provided:

$1,911,363

Compliance Information

Not applicable

Approved

4/18/2018

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

Franklin Sports Inc.

0 Holmes Road, Memphis, TN 38118