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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. was awarded 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. Turner will make a $8,810,800 capital investment to expand the 2040 Madison Ave. manufacturing facility. When the project is complete, the facility will act as a processing plant that produces a variety of beverages, including a complete line of milks and juices.

The PILOT will encourage Turner to invest in additional capacity and upgrade the company’s equipment to remain competitive. Turner will 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.

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

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.

EDGE 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 Turner.

On May 31, 2018, Turner made the determination to not move forward on the PILOT process.

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