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Atlantic Track + Turnout Co.

Project Number: 20210706
Pilot Type: Jobs
Status: Approved
Parcel ID: 049006 00025, 049006 00024, 049006 00030
County Commission District: 10 | City Council District: 06, 08

Summary

Atlantic Track + Turnout Co. was approved a six-year Jobs PILOT, creating 26 new jobs with an average wage of $41,202 and an investment of $14,065,000. Atlantic Track will purchase 391 East Mallory, renovate the vacant facility and expand product lines produced in Memphis.

The total project investment includes $2,000,000 to purchase the property, $600,000 in renovations, and $11,465,000 to equip the facility. Community Reinvestment Credit will be awarded.

• 391 E Mallory (Parcel 049006 00025) is 7.01 acres and contains a 206,671 square foot manufacturing mill.
• 391 E Mallory (Parcel 049006 00024) is 4.97 acres and contains a 1,200 square foot manufacturing mill.
• 0 E Bodley (Parcel 049006 00030) is 1.83 acres and contains a 86,648 square foot manufacturing mill.

Atlantic Track has been evaluating locations to expand production to meet growing product demand. 391 East Mallory has been vacant for more than two years, is in proximity to other local Atlantic Track facilities and would meet the needs for expanded production capacity.

Atlantic Track has been expanding its local operation for more than four years, employing 50 people in Memphis (prior to the project). The company operates its national training facility in Memphis and is bringing the first State of Tennessee registered apprenticeship program to Shelby County Schools.

Atlantic Track, a New Jersey corporation, is a railroad manufacturing and supply company, as well as a transit system solutions provider. The company has seven manufacturing and distribution facilities across the United States, along with seven other sales and service offices. Founded in 1964, the company has grown to more than $100 million in annual revenues with 200 total employees.

PILOT Term:

6

Projected New Jobs:

26

Projected Retained Jobs:

Not applicable

Total Jobs:

26

Projected Average Payroll of New Jobs:

$41,202

Projected Average Payroll of Retained Jobs:

Not applicable

Annual New Direct Payroll:

$1,071,252

Annual Retained Direct Payroll:

Not applicable

Total Capital Investment:

$14,065,000
Real Property Investment:
$2,600,000

Personal Property Investment:
$11,305,000

Community Reinvestment Credit (CRC):
$160,000

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$1,045,729

Projected Taxes Abated:

$766,015
City: $337,141
County: $428,874

Benefit/Cost Ratio:

1.37

Projected MWBE/LOSB Spending:

$211,746

Incentive Provided:

$765,985

Compliance Information

Not applicable

Approved

7/28/2021

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

Atlantic Track + Turnout Co.

391 E Mallory , Memphis, TN 38109