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OMO Energy and Technology Inc

Project Number: 20180403
Project Type: Fast Track
Parcel ID: 05011500003C
County Commission District: 9 | City Council District: 6

Summary

OMO Energy & Technology, Inc. was awarded a ten-year Fast Track PILOT to encourage the company to create 25 new jobs and invest $3,098,000 at 2560 Channel Avenue. The total project investment includes $595,000 for the location purchase, $300,000 for renovation of an existing structure and $2,203,000 for office equipment, manufacturing machinery and storage tanks. OMO Energy & Technology will hire 25 net new employees with an average salary of $50,866 excluding benefits.

Headquartered in Lanham, Maryland, OMO Energy & Technology, Inc. distributes petroleum products directly from suppliers. The company is seeking a central United States location in an industrial area served by rail and port facilities for its first owned and operated bio-diesel plant. OMO Energy & Technology is particularly interested in the Delta Region as a source for renewable products.

The plant will blend and package lubricants, motor oils and greases.The site will accommodate administrative and sales offices, a quality assurance laboratory, and product manufacturing. Storage will be accommodated by 27 to 30 above-ground tanks with a capacity of 30,000 gallons each that will be placed in a pit with dykes to protect the site from spillage. Additionally, 55-gallon drums and five-gallon pails will be stored in the warehouse.

EDGE staff projects $1,134,790 in local total tax revenues to be received during the PILOT term of this project and an estimated $299,925 benefit to OMO Energy & Technology, Inc.

PILOT Term:

10

Projected New Jobs:

25

Projected Retained Jobs:

Not applicable

Total Jobs:

25

Projected Average Payroll of New Jobs:

$50,866

Projected Average Payroll of Retained Jobs:

Not applicable

Annual New Direct/Indirect Payroll:

$1,351,653

Annual Retained Direct/Indirect Payroll:

Not applicable

Total Capital Investment:

$3,098,000
Real Property Investment:
$895,000

Personal Property Investment:
$2,203,000

Community Reinvestment Credit (CRC):
Not applicable

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$1,134,790

Projected Taxes Abated:

$299,925
City: $131,067 (75%)
County: $168,858 (75%)

Benefit/Cost Ratio:

3.78

Projected MWBE/LOSB Spending:

$119,989

Incentive Provided:

$299,925

Compliance Information

Not applicable

Approved

4/18/2018

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

OMO Energy and Technology Inc

2560 Channel Drive, Memphis, TN 38106