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Target Corporation

Project Number: 20141201
Project Type: Standard/Basic
Parcel ID: 094200 00494
County Commission District: 11 | City Council District: 3

Summary

Target Corporation was approved for a 15-year PILOT for to enable the company to establish a fulfillment center with 462 net new jobs at 5461 Davidson Road.

The average annual salary of the new employees will be $28,456.

Target will invest $52,280,045 in real and personal property improvements, and receive $16,839,500 in Community Reinvestment Credit (CRC) at the 5461 Davidson Road facility. The applicant will occupy 100 percent of the 913,940 square foot building.

The PILOT Sponsor (fee owner) is Memphis Industrial Park Investors Inc.

In addition, Target will receive an EDGE grant in the amount of $150,000 to be administered by the Workforce Investment Network (WIN) and used for on the job training (OJT) if/when the the WIN’s initial OJT commitment is exhausted.

The Project will create $27,262,007 in new tax revenue for Memphis and Shelby County and has a benefit/cost ratio of $2.24 of new tax revenue for every $1.00 of abated taxes.

Target Corporation is an American retailing company founded in 1902 and headquartered in Minneapolis, Minnesota. Target is the third largest discount retailer in the United States and was ranked 36th on the fortune 500 as of 2013. Target operates 1,916 stores in the United States and employs more than 300,000 people in the United states and Canada.

PILOT Term:

15 years

Projected New Jobs:

462

Projected Retained Jobs:

Not applicable

Total Jobs:

462

Projected Average Payroll of New Jobs:

$28,456

Projected Average Payroll of Retained Jobs:

Not applicable

Annual New Direct/Indirect Payroll:

$30,411,472

Annual Retained Direct/Indirect Payroll:

Not applicable

Total Capital Investment:

$69,119,545
Real Property Investment:
$3,355,000

Personal Property Investment:
$48,925,045

Community Reinvestment Credit (CRC):
$16,839,500

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$27,262,007

Projected Taxes Abated:

$12,171,125
City: $5,318,782
County: $6,852,343

Benefit/Cost Ratio:

2.24

Projected MWBE/LOSB Spending:

$12,198,000

Incentive Provided:

$12,171,125

Compliance Information

Not applicable

Approved

12/17/2014

Ramp up Period

2 years

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

Target Corporation

5461 Davidson Road, Memphis , TN 38118