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Barnhart Crane and Rigging

Project Number: 20130619
Pilot Type: Standard/Basic
Status: Approved
Parcel ID: 0600092 00041
County Commission District: 10 | City Council District: 4

Summary

Barnhart Crane and Rigging, Inc. was approved for a 9-year PILOT, enabling the company to add 20 new jobs and make a total investment of $5.2 million at the 2085 WE Freeman facility.

Barnhart will purchase the 153,455-square-foot facility at 2085 WE Freeman and construct an additional 60,000-square-foot expansion.

As part of this expansion, Barnhart plans to grow its local employment from 106 to 126 full-time positions; the average salary of the new employees will be $64,532.

EDGE Staff estimates the project will generate $838,043 in tax revenue for Memphis and Shelby County and $661,577 of benefit to Barnhart.

On March 09, 2017, Barnhart voluntarily surrendered 5-years of PILOT benefit.

PILOT Term:

9 years

Projected New Jobs:

20

Projected Retained Jobs:

Not applicable

Total Jobs:

20

Projected Average Payroll of New Jobs:

$64,532

Projected Average Payroll of Retained Jobs:

Not applicable

Annual New Direct Payroll:

$1,290,640

Annual Retained Direct Payroll:

Not applicable

Total Capital Investment:

$5,200,000
Real Property Investment:
$2,200,000

Personal Property Investment:
Not applicable

Community Reinvestment Credit (CRC):
$1,102,800

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$838,043

Projected Taxes Abated:

$661,577
City: $316,367
County: $345,210

Benefit/Cost Ratio:

1.27

Projected MWBE/LOSB Spending:

$1,189,400

Incentive Provided:

$661,577

Compliance Information

Not applicable

Approved

6/19/2013

Ramp up Period

2 years

Closing

12/31/2013 (Real)

Effective

12/31/2013

Lease Begins

12/31/2013 (Real)

Lease Expires

12/31/2022 (Real)

Amended

Not applicable

Property Details

Lease Began

12/31/2013 (Real)

Lease Expires

12/31/2022 (Real)

Barnhart Crane and Rigging

2163 Airways Blvd, Memphis, TN 38114