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LEDIC Management Group, LLC
Project Number: 20151101
Pilot Type: Standard/Basic
Status: Approved
Parcel ID: # 057012 00027
County Commission District: 13 | City Council District: 5, 9
Pilot Type: Standard/Basic
Status: Approved
Parcel ID: # 057012 00027
County Commission District: 13 | City Council District: 5, 9
Summary
LEDIC Management Group, LLC was awarded a 5-year Basic PILOT to encourage the company to add 70 net new jobs with an average salary of $42,491; and retain its current 229 employees located in Memphis, TN. LEDIC will invest more than $12.1 million at a new 91,056 square foot facility located at 555 S. Perkins.LEDIC is a manager, developer, and investor in multifamily housing apartments nationwide. At the PILOT location, if awarded, LEDIC will build a national headquarters, which will include a state of the art technology training center.
The project will create $1,668,602 in new tax revenue for Memphis and Shelby County and has a benefit to cost ratio of $3.93 in new tax revenue for every $1 of taxes abated.
PILOT Term:
5 year
Projected New Jobs:
70
Projected Retained Jobs:
Not applicable
Total Jobs:
70
Projected Average Payroll of New Jobs:
$42,491
Projected Average Payroll of Retained Jobs:
Not applicable
Annual New Direct Payroll:
$2,974,370
Annual Retained Direct Payroll:
Not applicable
Total Capital Investment:
$12,179,020
Real Property Investment:
$2,300,000
Personal Property Investment:
$2,200,000
Community Reinvestment Credit (CRC):
$1,229,020
Capital Investment not in PILOT:
$6,450,000
Projected Tax Revenue:
$1,668,602
Projected Taxes Abated:
$423,305
City:
$184,984
County:
$238,321
Benefit/Cost Ratio:
3.93
Projected MWBE/LOSB Spending:
$4,000,000
Incentive Provided:
$423,305
Compliance Information
Not applicable
Approved
11/18/2015
Ramp up Period
2 years
Closing
7/19/2016 (Real)
Effective
7/19/2016
Lease Begins
7/19/2016 (Real)
Lease Expires
7/19/2021 (Real)
Amended
Not applicable
Property Details
Lease Began
7/19/2016 (Real)
Lease Expires
7/19/2021 (Real)