Project Number: 20181201
Pilot Type: Jobs
Parcel ID: 002063 00001C
County Commission District: 08 | City Council District: 06, 08

Summary

EDGE Board of Directors awarded a 15-year personal property Jobs Payment in Lieu of Tax (PILOT) and a $150,000 EDGE Cost Reimbursement Grant to Indigo. With the company's decision to expand and relocate its corporate headquarters to Downtown Memphis, Indigo will retain 75 employees in Shelby County and create 625 net new jobs with an average salary of $92,313 with employer-sponsored healthcare.

The company will make a personal property capital investment of $1.29 million to its corporate headquarters located at 175 Toyota Plaza and spend nearly $1 million with City of Memphis and Shelby County-certified minority/women business enterprises.

Indigo improves grower profitability, environmental sustainability, and consumer health through the use of natural microbiology and digital technologies. Utilizing beneficial plant microbes and agronomic insights, Indigo works with growers to sustainably produce high quality harvests. The company then connects growers and buyers directly to bring these harvests to market. Working across the supply chain, Indigo is furthering its mission of harnessing nature to help farmers sustainably feed the planet.

EDGE Staff projects $42,305,548 in local total tax revenues to be received during the PILOT term.

PILOT Term:

15

Projected New Jobs:

625

Projected Retained Jobs:

75

Total Jobs:

700

Projected Average Payroll of New Jobs:

$92,313

Projected Average Payroll of Retained Jobs:

Not applicable

Annual New Direct/Indirect Payroll:

$57,695,625

Annual Retained Direct/Indirect Payroll:

Not applicable

Total Capital Investment:

$5,214,088
Real Property Investment:
$3,915,186

Personal Property Investment:
$1,298,902

Community Reinvestment Credit (CRC):
Not applicable

Capital Investment not in PILOT:
$3,915,186

Projected Tax Revenue:

$42,304,548

Projected Taxes Abated:

$259,807
City: $113,536 (75%)
County: $146,271 (75%)

Benefit/Cost Ratio:

162.83

Projected MWBE/LOSB Spending:

$995,268

Incentive Provided:

$259,807

Compliance Information

Not applicable

Approved

12/19/2018

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

Indigo Ag

175 Toyota Plaza, Memphis, TN 38103