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Franklin Sports Inc.

Project Number: 20120802
Pilot Type: Standard/Basic
Status: Approved
Parcel ID: 094100 00070
County Commission District: 5 | City Council District: 3, 8

Summary

Franklin Sports was awarded a three-year PILOT to assist the sports equipment manufacturer expand into a new market while adding 40 new jobs and investing $550,000.
The project will create $410,039 in new tax revenue for Memphis and Shelby County.

Franklin is seeking to fulfill new orders created by the departure of competitor Sportscraft from the market. Out of the 40 new positions Franklin anticipates creating, 30 will be filled by inmates through a prison re-entry and work release programs.

The 10 remaining positions will earn on average more than $30,300. Combined, the 40 new positions will take the total number of local employees to 167.

Franklin Sports may receive three additional years of PILOT benefits for successfully hiring 30 individuals through the Shelby County Work Release and/or the Prison Re-Entry programs.

PILOT Term:

6 years

Projected New Jobs:

40

Projected Retained Jobs:

Not applicable

Total Jobs:

40

Projected Average Payroll of New Jobs:

$30,300

Projected Average Payroll of Retained Jobs:

Not applicable

Annual New Direct Payroll:

$1,212,000

Annual Retained Direct Payroll:

Not applicable

Total Capital Investment:

$3,292,480
Real Property Investment:
$50,000

Personal Property Investment:
$500,000

Community Reinvestment Credit (CRC):
$2,742,480

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$801,852

Projected Taxes Abated:

$387,348
City: $188,904
County: $198,444

Benefit/Cost Ratio:

2.07

Projected MWBE/LOSB Spending:

$395,000

Incentive Provided:

$387,348

Compliance Information

Not applicable

Approved

10/17/2012

Ramp up Period

2 years

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

Franklin Sports Inc.

5510 Getwell Rd, Memphis, TN 38118