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JM Smucker LLC 2
Project Number: 20190401
Pilot Type: Jobs
Status: Approved
Parcel ID: 074032 00038
County Commission District: 11 | City Council District: 03, 09
Pilot Type: Jobs
Status: Approved
Parcel ID: 074032 00038
County Commission District: 11 | City Council District: 03, 09
Summary
J.M. Smucker, LLC was awarded a six-year Jobs PILOT to encourage the company to create 25 Net New Jobs and invest $8,880,000 in the City of Memphis at 4740 Burbank Road.JM Smucker has been evaluating options for production of Jif Creamy Clusters (granola snacks with peanut butter centers), renovation of facilities to accommodate this production, and installation of related manufacturing and packaging equipment.
Founded in 1897 and headquartered in Orrville, Ohio, The J.M. Smucker Company is a publicly traded manufacturer of consumer food products including Jif Peanut Butter, Folgers Coffee, Crisco Vegetable Oil, and Uncrustables Sandwiches. The company operates 30 locations across North America and employs more than 7,000 people.
In 2012, the company was scheduled to close its Memphis facility. With the help of the PILOT program, the company instead invested $102,000,000 into its Memphis facilities and now has 139 employees making Jif and other peanut butter related products.
According to the terms of the PILOT, JM Smucker will hire 25 new employees with an average base salary of $43,244 excluding benefits.
EDGE Staff projects $1,462,267 in local total tax revenues to be received during the PILOT term and a $739,855 benefit to JM Smucker.
PILOT Term:
6
Projected New Jobs:
25
Projected Retained Jobs:
Not applicable
Total Jobs:
25
Projected Average Payroll of New Jobs:
$43,224
Projected Average Payroll of Retained Jobs:
Not applicable
Annual New Direct Payroll:
$1,080,600
Annual Retained Direct Payroll:
Not applicable
Total Capital Investment:
$8,800,000
Real Property Investment:
$3,280,000
Personal Property Investment:
$5,600,000
Community Reinvestment Credit (CRC):
Not applicable
Capital Investment not in PILOT:
Not applicable
Projected Tax Revenue:
$1,462,267
Projected Taxes Abated:
$739,855
City:
$323,317
(75%)
County:
$416,538
(75%)
Benefit/Cost Ratio:
1.37
Projected MWBE/LOSB Spending:
$585,978
Incentive Provided:
$739,855
Compliance Information
Not applicable
Approved
4/17/2019
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