‹ Back To Pilot Programs

LEDIC Management Group, LLC

Project Number: 20151101
Project Type: Standard/Basic
Parcel ID: # 057012 00027
County Commission District: 13 | City Council District: 5, 9

Summary

LEDIC Management Group, LLC was awarded a 5-year Basic PILOT to encourage the company to add 70 net new jobs with an average salary of $42,491; and retain its current 229 employees located in Memphis, TN. LEDIC will invest more than $12.1 million at a new 91,056 square foot facility located at 555 S. Perkins.

LEDIC is a manager, developer, and investor in multifamily housing apartments nationwide. At the PILOT location, if awarded, LEDIC will build a national headquarters, which will include a state of the art technology training center.

The project will create $1,668,602 in new tax revenue for Memphis and Shelby County and has a benefit to cost ratio of $3.93 in new tax revenue for every $1 of taxes abated.

PILOT Term:

5 year

Projected New Jobs:

70

Projected Retained Jobs:

Not applicable

Total Jobs:

70

Projected Average Payroll of New Jobs:

$42,491

Projected Average Payroll of Retained Jobs:

Not applicable

Annual New Direct/Indirect Payroll:

$3,803,800

Annual Retained Direct/Indirect Payroll:

Not applicable

Total Capital Investment:

$12,129,020
Real Property Investment:
$2,300,000

Personal Property Investment:
$2,200,000

Community Reinvestment Credit (CRC):
$6,450,000

Capital Investment not in PILOT:
$1,229,020

Projected Tax Revenue:

$1,668,602

Projected Taxes Abated:

$423,305
City: $184,984
County: $238,321

Benefit/Cost Ratio:

3.93

Projected MWBE/LOSB Spending:

$4,000,000

Incentive Provided:

$423,305

Compliance Information

Not applicable

Approved

11/18/2015

Ramp up Period

2 years

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

LEDIC Management Group, LLC

555 S Perkins Road, Memphis, TN 38117