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Power Transport

Project Number: 20181202
Pilot Type: Fast Track
Parcel ID: 060222 I00015
County Commission District: 11 | City Council District: 03, 08

Summary

EDGE Board of Directors awarded an eight-year Jobs Payment in Lieu of Tax (PILOT) to Memphis-based transportation and logistics company, Power Transport.

The PILOT will encourage the company to create 26 net new jobs with an average salary of $62,807 and invest $1,675,000 at 3036 Directors Row, a vacant and underutilized collection of buildings near the Memphis International Airport. Power Transport plans to reuse a portion of the buildings for storage and logistics activities, demolish a portion of the buildings to create additional truck staging space, and renovate the remainder for corporate office functions.

Power Transport is an irregular route truckload carrier based in Memphis, TN founded on service, integrity, and safety. With more than 100 years of combined transportation management experience, Power Transport has dedicated lanes in the Southeast and Midwest United States. The company focuses on medium to short haul regional freight, offering industry leading on-time service.

EDGE Staff projects $860,634 in local tax revenues to be received during the PILOT term.

PILOT Term:

8

Projected New Jobs:

26

Projected Retained Jobs:

Not applicable

Total Jobs:

26

Projected Average Payroll of New Jobs:

$62,807

Projected Average Payroll of Retained Jobs:

Not applicable

Annual New Direct/Indirect Payroll:

$1,632,982

Annual Retained Direct/Indirect Payroll:

Not applicable

Total Capital Investment:

$1,675,000
Real Property Investment:
$1,625,000

Personal Property Investment:
Not applicable

Community Reinvestment Credit (CRC):
Not applicable

Capital Investment not in PILOT:
$50,000

Projected Tax Revenue:

$860,634

Projected Taxes Abated:

$245,552
City: $107,306 (75%)
County: $138,246 (75%)

Benefit/Cost Ratio:

3.50

Projected MWBE/LOSB Spending:

$286,833

Incentive Provided:

$245,552

Compliance Information

Not applicable

Approved

12/19/2018

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

Power Transport

4070 Viscount Avenue, Memphis, TN 38118