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Continental Tire
Project Number: 20140401
Pilot Type: Standard/Basic
Status: Approved
Parcel ID: 073006 00012
County Commission District: 11 | City Council District: 3
Pilot Type: Standard/Basic
Status: Approved
Parcel ID: 073006 00012
County Commission District: 11 | City Council District: 3
Summary
Continental Tire was approved for a 5-year PILOT to enable the applicant to add 25 net new jobs and invest more than $1.5 million in real and personal property.Continental Tire will invest $200,000 in Real Property Improvements and will invest $1,325,000 in Personal Property at 3474 Winchester Road. The Applicant will renovate 50,000 square feet at the Winchester location.
The project will create $616,281 in new tax revenue for Memphis and Shelby County over the 5-year term.
Continental Tire is one of the world’s leading automotive industry suppliers and currently employs 178,000 workers at 190 locations in 46 countries. The company anticipates the addition of 7,000 new jobs worldwide in 2014.
The average salary of the new employees will be $41,814.
Continental Tire will receive $541,100 Community Reinvestment Credit.
PILOT Term:
5
Projected New Jobs:
25
Projected Retained Jobs:
Not applicable
Total Jobs:
25
Projected Average Payroll of New Jobs:
$41,814
Projected Average Payroll of Retained Jobs:
Not applicable
Annual New Direct Payroll:
$1,045,350
Annual Retained Direct Payroll:
Not applicable
Total Capital Investment:
$2,066,100
Real Property Investment:
$200,000
Personal Property Investment:
$1,325,000
Community Reinvestment Credit (CRC):
$541,100
Capital Investment not in PILOT:
Not applicable
Projected Tax Revenue:
$616,281
Projected Taxes Abated:
$161,325
City:
$70,499
(75%)
County:
$90,826
(75%)
Benefit/Cost Ratio:
3.82
Projected MWBE/LOSB Spending:
$340,500
Incentive Provided:
$161,325
Compliance Information
Not applicable
Approved
4/16/2014
Ramp up Period
2
Closing
12/31/2014 (Real)
Effective
12/31/2014
Lease Begins
12/31/2014 (Real)
Lease Expires
12/31/2019 (Real)
Amended
Not applicable
Property Details
Lease Began
12/31/2014 (Real)
Lease Expires
12/31/2019 (Real)