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LEDIC Management Group, LLC

Project Number: 20151101
Pilot 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

7/19/2016 (Real)

Effective

7/19/2016

Lease Begins

7/19/2016 (Real)

Lease Expires

7/19/2021 (Real)

Amended

Not applicable

Property Details

Lease Began

7/19/2016 (Real)

Lease Expires

7/19/2021 (Real)

LEDIC Management Group, LLC

555 S Perkins Road, Memphis, TN 38117