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ACS Clothing Limited
Project Number: 20141002
Pilot Type: Standard/Basic
Status: Approved
Parcel ID: 093301 A00004
County Commission District: 11 | City Council District: 3
Pilot Type: Standard/Basic
Status: Approved
Parcel ID: 093301 A00004
County Commission District: 11 | City Council District: 3
Summary
ACS Clothing Limited was awarded a five-year PILOT that will enable the company to add 125 new jobs with an average annual salary of $33,767 excluding benefits and invest $16.7 million at its new location at 4400 Quality Drive Memphis, TN. The PILOT will enable ACS Clothing Ltd to open its first distribution facility in the United States.ACS Clothing Limited is the largest tuxedo rental company in the United Kingdom (UK) with 35 percent of the UK tuxedo rental market share. The company values the United States tuxedo rental market at $1.5 billion and plans to gain a significant amount of market share utilizing their knowledge and technologies established in the UK.
ACS Clothing has projected a total of 325 net new jobs within the first five (5) years. If the additional 200 jobs threshold is met, staff recommends the approval of three additional years at a maximum abatement for a total of eight (8) years. With the additional years and 200 net new jobs, the benefit cost ratio will be $6.73.
EDGE Staff estimates the project will create $2,787,939 in new tax revenue for Memphis and Shelby County with more than $1 million in benefit for ACS Clothing Limited.
PILOT Term:
5 years
Projected New Jobs:
125
Projected Retained Jobs:
Not applicable
Total Jobs:
125
Projected Average Payroll of New Jobs:
$33,767
Projected Average Payroll of Retained Jobs:
Not applicable
Annual New Direct Payroll:
$4,220,875
Annual Retained Direct Payroll:
Not applicable
Total Capital Investment:
$16,659,480
Real Property Investment:
$600,000
Personal Property Investment:
$9,516,000
Community Reinvestment Credit (CRC):
$3,823,480
Capital Investment not in PILOT:
Not applicable
Projected Tax Revenue:
$2,787,939
Projected Taxes Abated:
$1,099,824
City:
$480,623
(85%)
County:
$619,201
(75%)
Benefit/Cost Ratio:
2.53
Projected MWBE/LOSB Spending:
$963,445
Incentive Provided:
$1,099,824
Compliance Information
Not applicable

Approved
10/15/2014
Ramp up Period
2 years
Closing
12/31/2014 (Real)
12/31/2016 (Personal)
12/31/2016 (Personal)
Effective
12/31/2014
Lease Begins
12/31/2014 (Real)
12/31/2016 (Personal)
12/31/2016 (Personal)
Lease Expires
12/31/2019 (Real)
12/31/2021 (Personal)
12/31/2021 (Personal)
Amended
Not applicable
Property Details
Lease Began
12/31/2014 (Real)
12/31/2016 (Personal)
12/31/2016 (Personal)
Lease Expires
12/31/2019 (Real)
12/31/2021 (Personal)
12/31/2021 (Personal)