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Patterson Warehouse, Inc.

Project Number: 20190701
Pilot Type: Jobs
Status: Approved
Parcel ID: 094400 00101, 094400 00111, 094400 00112, 094400 00113, 094400 00137, 094400 00153
County Commission District: 11 | City Council District: 03, 08

Summary

Patterson Warehouses, Inc. was awarded a six-year Jobs PILOT to enable the company to create 41 Net New Jobs with an average base salary of $37,617 excluding benefits and invest $30,209,700 in the City of Memphis.

Patterson Warehouses, Inc. is a privately held third-party warehousing and distribution provider to retail manufacturers, food and beverage producers, raw materials suppliers and e-commerce fulfillment resellers. Founded in 1856, Patterson now operates more than two million square feet of contract warehouse space in six Memphis area facilities.

PILOT Term:

6

Projected New Jobs:

41

Projected Retained Jobs:

Not applicable

Total Jobs:

41

Projected Average Payroll of New Jobs:

$37,617

Projected Average Payroll of Retained Jobs:

Not applicable

Annual New Direct/Indirect Payroll:

$1,677,633

Annual Retained Direct/Indirect Payroll:

Not applicable

Total Capital Investment:

$30,209,700
Real Property Investment:
$28,000,000

Personal Property Investment:
$1,600,000

Community Reinvestment Credit (CRC):
$609,700

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$2,492,295

Projected Taxes Abated:

$3,753,798
City: $1,640,410 (75%)
County: $2,113,388 (75%)

Benefit/Cost Ratio:

0.66

Projected MWBE/LOSB Spending:

$7,563,070

Incentive Provided:

$3,753,798

Compliance Information

Not applicable

Approved

7/17/2019

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

Patterson Warehouse, Inc.

5388 Airways Blvd, Memphis, TN 38116