Project Number: 20190801
Pilot Type: Jobs
Status: Approved
Parcel ID: 056060 00001C
County Commission District: | City Council District:

Summary

Renasant Bank (“Applicant”) was approved for a nine-year Jobs PILOT to enable the company to create 15 Net New Jobs with an average base salary of $93,333 excluding benefits and invest $15,830,300 in the City of Memphis.

The total project investment includes $12,500,000 for new construction, the value of the land at $2,030,300 and $1,300,000 for new personal property at 5575 Poplar Avenue.

Parcel 056060 00001C is 2.709 acres and is owned by Yorkshire Properties LP/Loeb Properties (“Sponsor”). The Applicant will have a ground lease with the Sponsor, construct a new three-story 45,000 square foot office building and then occupy 30,000 square feet. New real property improvements occupied by the Applicant (66.67%) will receive PILOT benefit on a proportional basis and new personal property will receive PILOT benefit.

Since its founding in 1904, Tupelo based Renasant Bank has grown to $12.9 billion in assets and more than 190 offices throughout Mississippi, Alabama, Georgia, Florida and Tennessee. Growth has accelerated in recent years. In less than four years, Renasant has acquired Heritage Financial Group, KeyWorth Bank, Brand Bank and Metropolitan Bank. The publicly traded company now employs more than 1,900 people.

As Renasant expands its operations, it is seeking a location for its regional headquarters. The Applicant would like to consolidate 62 existing area employees, add 15 new positions and create a Metro Memphis operation that includes community and commercial banking, mortgage services, private client and capital advisors, and treasury management in one building. Additionally, Renasant would like to secure space for additional future corporate growth.

PILOT Term:

9

Projected New Jobs:

15

Projected Retained Jobs:

Not applicable

Total Jobs:

15

Projected Average Payroll of New Jobs:

$93,333

Projected Average Payroll of Retained Jobs:

Not applicable

Annual New Direct/Indirect Payroll:

$1,749,994

Annual Retained Direct/Indirect Payroll:

Not applicable

Total Capital Investment:

$15,830,300
Real Property Investment:
$9,686,866

Personal Property Investment:
$1,300,000

Community Reinvestment Credit (CRC):
Not applicable

Capital Investment not in PILOT:
$4,843,434

Projected Tax Revenue:

$1,376,997

Projected Taxes Abated:

$1,715,586
City: $756,745
County: $958,841

Benefit/Cost Ratio:

0.80

Projected MWBE/LOSB Spending:

$3,382,338

Incentive Provided:

$1,715,586

Compliance Information

Not applicable

Approved

9/18/2019

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

Renasant Bank

5575 Poplar Avenue, Memphis, TN 38119