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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
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- Project Files
-
Closing
- Real Property Leases
- Personal Property Leases
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Bills of Sale
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2013_
Oct_ 23rd_ Quit_ Claim_ Deed_ to_ RP_ Lease_ Franklin_ Sports. pdf -
2009_
Dec_ 31st_ Bill_ of_ Sale_ and_ 2nd_ Amend_ to_ 2007_ PP_ Lease. pdf -
2011_
Dec_ 31st_ 4th_ Amend_ Bill_ of_ Sale_ to_ 2007_ PP_ Lease. pdf -
2013_
Dec_ 31st_ 6th_ Amend_ Bill_ of_ Sale_ to_ 2007_ PP_ Lease. pdf -
2013_
June_ 1st_ 5th_ Amend_ Bill_ of_ Sale_ to_ 2007_ PP_ Lease. pdf -
2014_
Dec_ 31st_ Bill_ of_ Sale_ FRANKLIN_ Sports. pdf -
2015_
Dec_ 31st_ Quitclaim_ Bill_ of_ Sale_ to_ 2006_ PP_ Lease. pdf
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2013_
- Compliance Files