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International Paper

Project Number: 20130202
Project Type: Retention
Parcel ID: 080008 00567
County Commission District: 4 | City Council District: 2, 9, 3, 8

Summary

International Paper Co. was approved for a 15-year PILOT to help the paper and packaging manufacturer create 101 new jobs, retain 2,274 jobs and invest $115 million.

With the expansion, International Paper plans to construct a 10-story, 235,000-square-foot tower at its corporate headquarters that will feature a 470-car garage and two pedestrian bridges. The company will also invest in upgrades at its 6350 Poplar Avenue office tower.

The project will create $226,092,026 in new tax revenue for Memphis and Shelby County, a benefit-cost ratio of $4.26 in new tax revenue to every $1.00 of abated taxes.

PILOT Term:

15 years

Projected New Jobs:

101

Projected Retained Jobs:

2,274

Total Jobs:

2,375

Projected Average Payroll of New Jobs:

$93,225

Projected Average Payroll of Retained Jobs:

$161,719

Annual New Direct/Indirect Payroll:

$633,968,540

Annual Retained Direct/Indirect Payroll:

Not applicable

Total Capital Investment:

$223,761,909
Real Property Investment:
$81,550,000

Personal Property Investment:
$29,190,000

Community Reinvestment Credit (CRC):
$108,021,909

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$226,092,026

Projected Taxes Abated:

$56,859,883
City: $24,847,769
County: $32,012,114

Benefit/Cost Ratio:

4.26

Projected MWBE/LOSB Spending:

$130,000,000

Incentive Provided:

$56,859,883

Compliance Information

Not applicable

Approved

2/20/2013

Ramp up Period

4 years

Closing

12/31/2014 (Real)

Effective

12/31/2014

Lease Begins

12/31/2014 (Real)

Lease Expires

Not applicable

Amended

Not applicable

Property Details

Lease Began

12/31/2014 (Real)

Lease Expires

Not applicable

International Paper

6420 Poplar Ave, Memphis, TN 38119