Project Number: 20111202
Project Type: Retention
Parcel ID: 050019 00003C
County Commission District: 9 | City Council District: 6, 8

Summary

Valero will invest nearly $300 million in it’s Memphis facility to expand it’s operations and to retain its current workforce.

The 15-year PILOT will help the oil refinery build a new hydrogen plant, make cooling tower additions and improve tanks and other facilities at the 70-year-old facility at 543 W. Mallory.

PILOT Term:

15 years

Projected New Jobs:

Not applicable

Projected Retained Jobs:

557

Total Jobs:

557

Projected Average Payroll of New Jobs:

Not applicable

Projected Average Payroll of Retained Jobs:

$95,844

Annual New Direct/Indirect Payroll:

$135,163,656

Annual Retained Direct/Indirect Payroll:

Not applicable

Total Capital Investment:

$298,538,000
Real Property Investment:
Not applicable

Personal Property Investment:
$298,538,000

Community Reinvestment Credit (CRC):
Not applicable

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$54,001,012

Projected Taxes Abated:

$25,763,299
City: $12,564,290
County: $13,199,009

Benefit/Cost Ratio:

2.10

Projected MWBE/LOSB Spending:

$15,075,000

Incentive Provided:

$25,763,299

Compliance Information

Not applicable

Approved

12/21/2011

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

Valero

543 West Mallory , N Rivergate Rd Memphis, TN 38109