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Impact Innovations, Inc.

Project Number: 20150301
Project Type: Standard/Basic
Parcel ID: # 093700 00574C
County Commission District: 12 | City Council District: 3

Summary

Impact Innovations, Inc. was awarded a 3-year PILOT to enable the company to add 18 new jobs and invest more than $7 million at its distribution facility located at 6269 Shelby Drive.

The average salary of the 18 new employees will be $45,956.

The project will create more than $400,000 in new tax revenue for Memphis and Shelby County and has a benefit-cost ratio of $1.40 of new tax revenue for every $1 of taxes abated.

Impact Innovations has signed an agreement with one of its largest customers requiring the company to seek additional capacity at its U.S. locations and is considering locating the new business at its Memphis and Shelby County site . The PILOT will enable Impact Innovations to add two new printing presses to its faciltiy to manufacture gift wrap locally.

Founded in 1968 in Clara City, Minnesota, Impact Innovations specializes in seasonal and commercial paper product manufacturing. The company’s products can be found at national retailers including discount, drug, grocery and home improvement stores in the United States as well as internationally in Canada, Mexico, Central and South America.

PILOT Term:

3 years

Projected New Jobs:

18

Projected Retained Jobs:

Not applicable

Total Jobs:

18

Projected Average Payroll of New Jobs:

$45,956

Projected Average Payroll of Retained Jobs:

Not applicable

Annual New Direct/Indirect Payroll:

$2,610,015

Annual Retained Direct/Indirect Payroll:

Not applicable

Total Capital Investment:

$7,300,000
Real Property Investment:
Not applicable

Personal Property Investment:
$7,300,000

Community Reinvestment Credit (CRC):
Not applicable

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$415,168

Projected Taxes Abated:

$296,841
City: $134,624
County: $162,217

Benefit/Cost Ratio:

1.40

Projected MWBE/LOSB Spending:

$59,250

Incentive Provided:

$296,841

Compliance Information

Not applicable

Approved

3/18/2015

Ramp up Period

1 year

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

Impact Innovations, Inc.

6269 East Shelby Drive, Memphis, TN 38141