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SPV-NA1, LLC (dba, NouriTech)

Project Number: 20170502
Project Type: Jobs
Parcel ID: 0501020045 05010200046
County Commission District: 09 | City Council District: 06

Summary

NouriTech, the d/b/a for the legal entity SPV-NA1, LLC. (“Applicant”) was awarded a twelve-year Jobs PILOT to enable the company to create 66 Net New jobs in Memphis and Shelby County. NouriTech will invest $120 million at 2330 Buoy Street, Memphis, Tennessee.

The total project investment includes $85 million to construct a new production facility on 37 acres that shall include also a 45,000 square foot building and $35 million to purchase manufacturing machinery equipment.

The average salary of the 66 Net New employees is $62,955 excluding benefits.

NouriTech is a joint-venture between Cargill, Inc. and Calysta, Inc.

The project site will be owned by Cargill, Inc. and leased to NouriTech. Parcel 050102 00045 (2330 Buoy Street) and 050102 00046 (2661 Channel) are comprised of 58 acres and contains a facility that is approximately 412,337 square feet. A portion of this site consisting of approximately 37 acres, which is currently unimproved, will be carved out and leased for this project. NouriTech will construct a new facility on the unimproved parcel.

Calysta Inc., is an innovator in sustainable products designed to improve worldwide food security. Calysta, Inc. develops and commercializes FeedKind, a sustainable and traceable protein and alternative feed ingredient for fish, livestock, and pet nutritional products. FeedKind uses methane gas in its high-tech, advanced manufacturing production. The product was invented by Statoil, the Norwegian oil and gas company, and has been used as a food source for farmed salmon in Norway.

Once completed, the facility will be the world’s largest gas fermentation facility and will serve as the worldwide manufacturing and production and transportation site for FeedKind.

Staff projects $14,203,413 in local total tax revenues to be received during the PILOT term and a $26,584,760 benefit to NouriTech.

PILOT Term:

12

Projected New Jobs:

66

Projected Retained Jobs:

Not applicable

Total Jobs:

66

Projected Average Payroll of New Jobs:

$62,955

Projected Average Payroll of Retained Jobs:

Not applicable

Annual New Direct/Indirect Payroll:

$4,155,030

Annual Retained Direct/Indirect Payroll:

Not applicable

Total Capital Investment:

$120,000,000
Real Property Investment:
$85,000,000

Personal Property Investment:
$35,000,000

Community Reinvestment Credit (CRC):
Not applicable

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$14,203,413

Projected Taxes Abated:

$26,584,760
City: $11,632,971 (75%)
County: $14,951,789 (75%)

Benefit/Cost Ratio:

0.53

Projected MWBE/LOSB Spending:

$25,237,714

Incentive Provided:

$26,584,760

Compliance Information

Not applicable

Approved

5/17/2017

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

SPV-NA1, LLC (dba, NouriTech)

2330 Buoy Street, 2661 Channel Memphis, TN 38106