Project Number: 20170201
Project Type: Jobs
Parcel ID: 093405 A00018
County Commission District: 11 | City Council District: 8

Summary

NuVasive, Inc. was approved for an eleven-year Jobs PILOT to enable the company to create 15 Net New Jobs. NuVasive will invest $116 million at a 97,800 square foot 4670 East Shelby Drive.

NuVasive is an innovative medical device company focused on developing minimally disruptive surgical products and procedures for the spine. The company’s mission is to improve the lives of patients who suffer from debilitating back, neck, or leg pain by creating cutting-edge products and procedures that revolutionize spine surgery. The Company's portfolio includes access instruments, implantable hardware, biologics, software systems for surgical planning, navigation and imaging solutions, magnetically adjustable implant systems for spine and orthopedics, and intraoperative monitoring service offerings. NuVasive has an approximate 2,400-person workforce in more than 40 countries serving surgeons, hospitals and patients.

In 2006, the Applicant was awarded a 6-year PILOT that was extended to 8-years. The PILOT approval allowed the Applicant to create 110 net new jobs, invest $1.5 million in real property and $119 million in personal property.
Additionally, in 2012, EDGE awarded NuVasive a 10-year PILOT. The PILOT approval enabled the company to create 17 net new jobs, invest $1.5 million in real property, and $119 million in personal property. Per NuVasive’s 2016 annual reports, the company has exceeded all capital investment requirements and created 163 net new jobs.

For this project, EDGE Staff projects $5,050,295 in local total tax revenues to be received during the PILOT term of and a $9,053,864 benefit to the company.

PILOT Term:

11 years

Projected New Jobs:

15

Projected Retained Jobs:

Not applicable

Total Jobs:

15

Projected Average Payroll of New Jobs:

$38,000

Projected Average Payroll of Retained Jobs:

Not applicable

Annual New Direct/Indirect Payroll:

$570,000

Annual Retained Direct/Indirect Payroll:

Not applicable

Total Capital Investment:

$116,402,606
Real Property Investment:
$668,885

Personal Property Investment:
$115,733,721

Community Reinvestment Credit (CRC):
Not applicable

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$5,050,295

Projected Taxes Abated:

$9,053,863
City: $3,956,538 (75%)
County: $5,097,325 (75%)

Benefit/Cost Ratio:

.56

Projected MWBE/LOSB Spending:

$637,065

Incentive Provided:

$9,053,864

Compliance Information

Not applicable

Approved

2/15/2017

Ramp up Period

3 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

NuVasive, Inc.

4670 East Shelby Drive, Memphis, TN 38118