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Monogram Food
Project Number: 20131102
Pilot Type: Standard/Basic
Status: Approved
Parcel ID: 05701200038
County Commission District: 5 | City Council District: 13
Pilot Type: Standard/Basic
Status: Approved
Parcel ID: 05701200038
County Commission District: 5 | City Council District: 13
Summary
Monogram Food was approved for an eight-year PILOT to enable the company to add 25 new jobs and invest $2.1 million to expand its corporate headquarters to a new, 31,000 sq. ft. facility at 530 Oak Court Drive.Memphis-based Monogram Food is one of the nation’s leading manufacturers of licensed, co-packed and company-owned brands of meat snacks. It is the parent company of Circle B and King Cotton smoked meat brands. The company currently occupies 19,300 sq. ft. at 930 White Station and seeks to double its existing space to accommodate additional employees.
The project will create $1,250,147 in new tax revenue for Memphis and Shelby County, a benefit-cost ratio of $1.98 in new tax revenue to every $1.00 of taxes abated.
PILOT Term:
8
Projected New Jobs:
25
Projected Retained Jobs:
Not applicable
Total Jobs:
25
Projected Average Payroll of New Jobs:
$85,120
Projected Average Payroll of Retained Jobs:
Not applicable
Annual New Direct Payroll:
$2,128,000
Annual Retained Direct Payroll:
Not applicable
Total Capital Investment:
$3,539,878
Real Property Investment:
$1,600,000
Personal Property Investment:
$500,000
Community Reinvestment Credit (CRC):
$1,439,878
Capital Investment not in PILOT:
Not applicable
Projected Tax Revenue:
$1,250,147
Projected Taxes Abated:
$632,982
City:
$305,267
County:
$327,715
Benefit/Cost Ratio:
1.98
Projected MWBE/LOSB Spending:
$410,000
Incentive Provided:
$632,982
Compliance Information
Not applicable
Approved
11/20/2013
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