Project Number: 20130801
Project Type: Retention
Parcel ID: 058126 00028
County Commission District: 13 | City Council District: 5

Summary

Wright Medical Technology was approved for a 15-year retention PILOT to enable the company to retain 225 jobs, add 35 new jobs and make a total investment of $10.6 million at its new corporate headquarters located at 1023 Cherry Road.

In June, Wright sold its OrthoRecon knee and hip implant division and its Arlington corporate headquarters facility to MicroPort Medical. Terms of the sale required that Wright Medical vacate the facility by October 1. Wright Medical will retain its manufacturing and distribution operations in Arlington. It will focus on ankle, extremities and biologics businesses at its new, Memphis corporate headquarters.

The project will create $18,908,881 in new tax revenue for Memphis and Shelby County, a benefit-cost ratio of $4.56 in new tax revenue for every $1.00 of abated taxes.

PILOT Term:

15

Projected New Jobs:

35

Projected Retained Jobs:

225

Total Jobs:

260

Projected Average Payroll of New Jobs:

$70,000

Projected Average Payroll of Retained Jobs:

$108,000

Annual New Direct/Indirect Payroll:

$50,451,114

Annual Retained Direct/Indirect Payroll:

Not applicable

Total Capital Investment:

$15,570,440
Real Property Investment:
$5,200,000

Personal Property Investment:
$2,800,000

Community Reinvestment Credit (CRC):
$4,970,440

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$18,908,881

Projected Taxes Abated:

$4,148,487
City: $2,000,697
County: $2,147,790

Benefit/Cost Ratio:

4.56

Projected MWBE/LOSB Spending:

$4,595,412

Incentive Provided:

$4,148,487

Compliance Information

Not applicable

Approved

8/7/2013

Ramp up Period

3 years

Closing

12/31/2015 (Real)

Effective

12/31/2013

Lease Begins

1/1/2015 (Real)

Lease Expires

1/1/2015 (Real)

Amended

Not applicable

Property Details

Lease Began

1/1/2015 (Real)

Lease Expires

1/1/2015 (Real)

Wright Medical

1023 Cherry Road, Memphis, TN 38117