‹ Back To Pilot Programs

Crown World, Inc.

Project Number: 20201201
Pilot Type: Fast Track
Status: Approved
Parcel ID: 060220 00076
County Commission District: 11 | City Council District: 03, 08

Summary

The project was amended March 17, 2021, to accommodate significant changes to construction costs.

Crown World, Inc. (“Applicant”) was approved for a 10-year Fast Track PILOT to enable the company to purchase and renovate 2990 Airways, create 25 Net New Jobs with an average wage of $32,205 and invest $4,150,000 in the project.

The total project investment includes $850,000 for the property purchase ($250,000 land and $600,000 building), $2,750,000 for renovation, construction and site improvements, $500,000 for equipment and personal property, and $50,000 in soft costs. Community Reinvestment Credit has been requested.

Parcel 060220 00076 (2990 Airways Boulevard) is 3.209 acres and contains a four-story 56,752 square foot building. The Applicant will occupy the entire building, initially activating 50% of the space and reserving 50% for storage and the applicant’s future expansion. Only the existing building and real property improvements will be included in the PILOT. The applicant intends to use the building for only its business activities. Space leased to an unrelated party, if any, will not be eligible for PILOT benefit.

Crown World is a wholly owned subsidiary of James R. Glidewell, Dental Ceramics, Inc., a California Corporation founded in 1970 that has grown to revenues of more than $516 million. Glidewell Dental produces custom restorative dental services, materials and devices, delivering them directly to dental practices throughout the United States. Crown World currently runs dental labs in Irvine, California and Louisville, Kentucky. Crown World serves dentists with custom made dental crowns, bridges, aesthetic treatments and bite splints.

Glidewell Dental wants to expand the reach and production capability of the growing Crown World business. It is evaluating locations near major air-transportation hubs. The proposed Memphis facility will be able to accommodate shipping and receiving, along with an employee cafeteria on the ground floor, with dental labs, production and a call center on the second floor. Floors three and four are reserved for future expansion. The facility could accommodate more than 150 employees if the company continues to grow as expected.

2990 Airways has been vacant for approximately 10 years and only produces $9,130 today in City of Memphis and Shelby County property taxes annually. Estimated annual property taxes will average $36,112 during the PILOT term and $106,533 after. Staff projects $1,251,751 in total local tax revenues to be received during the PILOT term of this project and a $728,210 benefit to the Applicant.

PILOT Term:

10

Projected New Jobs:

25

Projected Retained Jobs:

Not applicable

Total Jobs:

25

Projected Average Payroll of New Jobs:

$32,205

Projected Average Payroll of Retained Jobs:

Not applicable

Annual New Direct Payroll:

$805,125

Annual Retained Direct Payroll:

Not applicable

Total Capital Investment:

$4,150,000
Real Property Investment:
$3,600,000

Personal Property Investment:
$500,000

Community Reinvestment Credit (CRC):
$50,000

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$1,251,751

Projected Taxes Abated:

$423,880
City: $186,960
County: $236,920

Benefit/Cost Ratio:

1.72

Projected MWBE/LOSB Spending:

$796,732

Incentive Provided:

$728,210

Compliance Information

Not applicable

Approved

12/16/2020

Ramp up Period

2

Closing

4/1/2021 (Real)

Effective

4/1/2021

Lease Begins

4/1/2021 (Real)

Lease Expires

4/1/2031 (Real)

Amended

3/17/2021

Property Details

Lease Began

4/1/2021 (Real)

Lease Expires

4/1/2031 (Real)

Crown World, Inc.

2990 Airways, Memphis, TN 38116