‹ Back To Pilot Programs

Thomas & Betts Corp.

Project Number: 20170701
Project Type: Expansion
Parcel ID: 080023A00040C
County Commission District: 13 | City Council District: 02

Summary

Thomas & Betts, a member of the ABB Group, was awarded a fifteen-year Expansion PILOT that will enable the company to consolidate their corporate research and development operations from out of state into a new corporate headquarters location.

With the move and expansion, Thomas & Betts will retain 523 jobs and create 75 new jobs with a weighted average base salary of $86,788 excluding benefits. Thomas & Betts will invest $20.7 million at the new 168,578 SF headquarters located at 860 Ridge Lake Blvd.

Founded in 1898, Thomas & Betts is a global leader in the design and manufacture of connectors and components for electrical and communication markets.

PILOT Term:

15

Projected New Jobs:

75

Projected Retained Jobs:

523

Total Jobs:

598

Projected Average Payroll of New Jobs:

$86,788

Projected Average Payroll of Retained Jobs:

$86,788

Annual New Direct/Indirect Payroll:

$6,012,469

Annual Retained Direct/Indirect Payroll:

$58,861,543

Total Capital Investment:

$20,750,000
Real Property Investment:
$7,500,000

Personal Property Investment:
$13,250,000

Community Reinvestment Credit (CRC):
Not applicable

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$44,886,156

Projected Taxes Abated:

$3,142,572
City: $1,373,304 (75%)
County: $1,769,268 (75%)

Benefit/Cost Ratio:

14.28

Projected MWBE/LOSB Spending:

$2,346,386

Incentive Provided:

$3,142,573

Compliance Information

Not applicable

Approved

7/19/2017

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

Thomas & Betts Corp.

860 Ridge Lake Boulevard, Memphis, TN 38120