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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

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

Onyx Medical LLC

1800 North Shelby Oaks Drive, Memphis, TN 38134