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Indigo Ag
Project Number: 20181201
Pilot Type: Jobs
Status: Approved
Parcel ID: 002063 00001C
County Commission District: 08 | City Council District: 06, 08
Pilot Type: Jobs
Status: Approved
Parcel ID: 002063 00001C
County Commission District: 08 | City Council District: 06, 08
Summary
EDGE Board of Directors awarded a 15-year personal property Jobs Payment in Lieu of Tax (PILOT) and a $150,000 EDGE Cost Reimbursement Grant to Indigo. With the company's decision to expand and relocate its corporate headquarters to Downtown Memphis, Indigo will retain 75 employees in Shelby County and create 625 net new jobs with an average salary of $92,313 with employer-sponsored healthcare.The company will make a personal property capital investment of $1.29 million to its corporate headquarters located at 175 Toyota Plaza and spend nearly $1 million with City of Memphis and Shelby County-certified minority/women business enterprises.
Indigo improves grower profitability, environmental sustainability, and consumer health through the use of natural microbiology and digital technologies. Utilizing beneficial plant microbes and agronomic insights, Indigo works with growers to sustainably produce high quality harvests. The company then connects growers and buyers directly to bring these harvests to market. Working across the supply chain, Indigo is furthering its mission of harnessing nature to help farmers sustainably feed the planet.
EDGE Staff projects $42,305,548 in local total tax revenues to be received during the PILOT term.
PILOT Term:
15
Projected New Jobs:
625
Projected Retained Jobs:
75
Total Jobs:
700
Projected Average Payroll of New Jobs:
$92,313
Projected Average Payroll of Retained Jobs:
$92,313
Annual New Direct Payroll:
$57,695,625
Annual Retained Direct Payroll:
Not applicable
Total Capital Investment:
$5,214,088
Real Property Investment:
$3,915,186
Personal Property Investment:
$1,298,902
Community Reinvestment Credit (CRC):
Not applicable
Capital Investment not in PILOT:
$3,915,186
Projected Tax Revenue:
$42,304,548
Projected Taxes Abated:
$259,807
City:
$113,536
(75%)
County:
$146,271
(75%)
Benefit/Cost Ratio:
162.83
Projected MWBE/LOSB Spending:
$995,268
Incentive Provided:
$259,807
Compliance Information
Not applicable
Approved
12/19/2018
Ramp up Period
2
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