Project Number: 20171003
Project Type: Expansion
Parcel ID: 08002400025
County Commission District: 08 | City Council District: 02

Summary

Pfizer, Inc. was awarded a fourteen-year Expansion PILOT to encourage the company to remain in Memphis and retain 250 jobs at 949 S. Shady Grove Road. The total project investment includes the $2.9 million purchase of furniture, fixtures, and computer equipment. Additionally, Pfizer will invest $4.7 million for tenant improvements at the Shady Grove location.

The average annual base salary for the 250 corporate administrative support staff is $88,776 excluding benefits. Pfizer will occupy space in a 155,000 square-foot office building.

Founded in 1849, Pfizer is the world’s largest biopharmaceutical company. Pfizer manufactures products such as Lipitor, Celebrex, Norvasc, Lyrica, and Viagra. The Expansion PILOT will enable Pfizer to reduce overhead costs and improve its competitive position in the global market.

In December 2017, Pfizer PILOT 20171003 was amended to include an increase of office space to 65,593 square feet; increasing the Community Reinvestment Credit to $13,512,158. This resulted in a PILOT benefit of $5,909,182 with a local business participation increase to $2,073,521, and an increase in local tax revenue to $17,284,704.

PILOT Term:

14

Projected New Jobs:

Not applicable

Projected Retained Jobs:

250

Total Jobs:

250

Projected Average Payroll of New Jobs:

Not applicable

Projected Average Payroll of Retained Jobs:

$88,776

Annual New Direct/Indirect Payroll:

Not applicable

Annual Retained Direct/Indirect Payroll:

$22,194,000

Total Capital Investment:

$21,252,733
Real Property Investment:
$4,748,575

Personal Property Investment:
$2,992,000

Community Reinvestment Credit (CRC):
$13,512,158

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$17,284,704

Projected Taxes Abated:

$5,909,182
City: $2,582,313 (75%)
County: $3,326,869 (75%)

Benefit/Cost Ratio:

2.93

Projected MWBE/LOSB Spending:

$2,073,521

Incentive Provided:

$5,909,182

Compliance Information

Not applicable

Approved

10/18/2017

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

Pfizer Inc.

949 South Shady Grove, Memphis, TN 38120