‹ Back To Pilot Programs

Onyx Medical LLC

Project Number: 20180301
Pilot Type: Expansion
Parcel ID: 08904400360
County Commission District: 5 | City Council District: 1

Summary

Onyx Medical LLC was awarded a nine-year Expansion PILOT to encourage the company to retain 116 jobs, create 30 net new jobs, and invest $10,999,800 at 1800 North Shelby Oaks Drive. Onyx Medical will maintain a total of 146 employees with an average salary of $54,939 including overtime and bonus but excluding benefits.

Onyx Medical LLC is a contract manufacturer of precision medical devices headquartered in Memphis, Tennessee. Established in 1990, Onyx provides wires, guide pins, drills and screws for the world’s leading orthopedic companies. Through a new ownership structure, the company now has sister operations in Sweden, Denmark and China. The company is poised to grow once more necessitating a larger facility with new manufacturing equipment.

EDGE Staff projects $6,440,266 in local total tax revenues to be received during the PILOT term of this project and an estimated $1,465,053 benefit to Onyx Medical.

In December 2018, Onyx submitted an application amendment to update its increase in its commitment to jobs, wages, and capital investment.

PILOT Term:

10

Projected New Jobs:

40

Projected Retained Jobs:

116

Total Jobs:

156

Projected Average Payroll of New Jobs:

$52,939

Projected Average Payroll of Retained Jobs:

$55,797

Annual New Direct/Indirect Payroll:

$2,117,560

Annual Retained Direct/Indirect Payroll:

$6,472,452

Total Capital Investment:

$13,687,995
Real Property Investment:
$3,688,195

Personal Property Investment:
$6,000,000

Community Reinvestment Credit (CRC):
$3,999,800

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$7,662,621

Projected Taxes Abated:

$1,931,201
City: $843,935 (75%)
County: $1,087,266 (75%)

Benefit/Cost Ratio:

3.97

Projected MWBE/LOSB Spending:

$1,134,916

Incentive Provided:

$1,931,201

Compliance Information

Not applicable

Approved

3/21/2018

Ramp up Period

2

Closing

12/31/2018 (Real)

Effective

12/31/2018

Lease Begins

12/31/2018 (Real)

Lease Expires

12/31/2028 (Real)

Amended

Not applicable

Property Details

Lease Began

12/31/2018 (Real)

Lease Expires

12/31/2028 (Real)

Onyx Medical LLC

1800 North Shelby Oaks Drive, Memphis, TN 38134