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Turner Holdings, L.L.C.

Project Number: 20160602
Project Type: Jobs
Parcel ID: 017068 00066
County Commission District: 10 | City Council District: 5

Summary

Turner Holdings, L.L.C. (“Applicant”) is seeking a 7‐year Jobs PILOT to enable the company to add 25 net new jobs, in addition to its current 134 employees located in Memphis, Tennessee. The Applicant will make a $8,810,800 capital investment to expand the 2040 Madison Ave. manufacturing facility.

The PILOT will allow the Applicant to invest in additional capacity and upgrade the company’s equipment to remain competitive. The Applicant is planning to expand the refrigerated warehouse including conveyors and additional employees to move product throughout the space. Addition of a
corrugated packaging line will increase market capabilities and increase efficiency throughout the facility. The addition of the corrugated line will enabling the Applicant to serve a customer base that they cannot at present.

The Applicant will invest $5,000,000 to construct the Madison Ave. manufacturing facility. Staff recommends the existing buildings receive Community Reinvestment Credit. The Applicant will invest $2,500,000 in Manufacturing Machinery. Additionally, the Applicant will invest $500,000 in billboards, tanks and pipelines.

Parcel 017068 00066 is 6.5 acres and contains a 76,687 square foot building with the assigned address of 2040 Madison Ave. The Applicant will expand the current facility by 17,700 square‐feet.

Turner Holdings, LLC operates in the market as Prairie Farms.

Prairie Farms is recognized throughout the Midwest for its array of superior dairy products and exceptional service. Turner Dairy, L.L.C., a branded partner of Prairie Farms, has two processing plants offering a variety of dairy products. The Memphis, Tennessee plant produces a variety of beverages, including a complete line of milks and juices.

Staff projects $1,140,041 in total tax revenues to be received during the PILOT term of this project and a $1,136,434 benefit to the Applicant. When the two (2) year ramp‐up is complete, this facility will acta processing plant that produces a variety of beverages, including a complete line of milks and juices.

PILOT Term:

7

Projected New Jobs:

25

Projected Retained Jobs:

134

Total Jobs:

159

Projected Average Payroll of New Jobs:

$51,283

Projected Average Payroll of Retained Jobs:

$51,283

Annual New Direct/Indirect Payroll:

$1,282,075

Annual Retained Direct/Indirect Payroll:

$6,871,922

Total Capital Investment:

$8,810,800
Real Property Investment:
Not applicable

Personal Property Investment:
Not applicable

Community Reinvestment Credit (CRC):
Not applicable

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$1,140,041

Projected Taxes Abated:

$1,136,434
City: $496,622 (75%)
County: $639,812 (74%)

Benefit/Cost Ratio:

1

Projected MWBE/LOSB Spending:

$1,396,460

Incentive Provided:

$1,136,434

Compliance Information

Not applicable

Approved

6/15/2016

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

Turner Holdings, L.L.C.

2040 Madison Avenue, Memphis, TN 38104