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Technicolor Videocassette of Michigan, Inc.

Project Number: 20171202
Project Type: Expansion
Parcel ID: 09420000546
County Commission District: 5 | City Council District: 3

Summary

Technicolor Videocassette of Michigan, Inc. (Technicolor) was awarded a 15-year Expansion PILOT. Technicolor will make up to $14 million in new capital investment.

Founded in 1910, Technicolor is a worldwide technology leader in the media and entertainment sector and is at the forefront of digital innovation. Technicolor’s cutting-edge research and innovation laboratories lead the market in delivering advanced video services to content creators and distributors. Headquartered in France, Technicolor employs more than 17,000 people worldwide.

Technicolor was considering alternate locations in Huntsville, AL, La Vergne, TN, and Fayette County, TN. The EDGE Board approved four different scenarios to work to retain Technicolor in Memphis and Shelby County as Technicolor was making long term plans for its Memphis operations.

Approved by the EDGE Board in December 2017 and amended in May 2018, Technicolor chose a PILOT scenario that included retaining 916 jobs averaging $46,085 a year (excluding benefits); resulting in $15 million of capital investment and a mandatory Local Business Participation spend of $5,510,664.

PILOT Term:

15

Projected New Jobs:

Not applicable

Projected Retained Jobs:

916

Total Jobs:

916

Projected Average Payroll of New Jobs:

Not applicable

Projected Average Payroll of Retained Jobs:

$46,085

Annual New Direct/Indirect Payroll:

Not applicable

Annual Retained Direct/Indirect Payroll:

$42,213,860

Total Capital Investment:

$151,209,400
Real Property Investment:
$1,000,000

Personal Property Investment:
$13,000,000

Community Reinvestment Credit (CRC):
$101,209,400

Capital Investment not in PILOT:
$36,000,000

Projected Tax Revenue:

$63,602,343

Projected Taxes Abated:

$35,071,092
City: $15,326,067 (75%)
County: $19,745,025 (75%)

Benefit/Cost Ratio:

1.81

Projected MWBE/LOSB Spending:

$5,510,664

Incentive Provided:

$35,071,092

Compliance Information

Not applicable

Approved

12/20/2017

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

Technicolor Videocassette of Michigan, Inc.

5215 Lamar Ave, Memphis, TN 38118