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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
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