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Patterson Warehouse, Inc.

Project Number: 20190701
Pilot Type: Jobs
Status: Approved
Parcel ID: 094400 00101, 094400 00111, 094400 00112, 094400 00113, 094400 00137, 094400 00153
County Commission District: 11 | City Council District: 03, 08

Summary

Patterson Warehouses, Inc. was awarded a six-year Jobs PILOT to enable the company to create 41 Net New Jobs with an average base salary of $37,617 excluding benefits and invest $30,209,700 in the City of Memphis.

Patterson Warehouses, Inc. is a privately held third-party warehousing and distribution provider to retail manufacturers, food and beverage producers, raw materials suppliers and e-commerce fulfillment resellers. Founded in 1856, Patterson now operates more than two million square feet of contract warehouse space in six Memphis area facilities.

PILOT Term:

6

Projected New Jobs:

41

Projected Retained Jobs:

Not applicable

Total Jobs:

41

Projected Average Payroll of New Jobs:

$37,617

Projected Average Payroll of Retained Jobs:

Not applicable

Annual New Direct Payroll:

$1,542,297

Annual Retained Direct Payroll:

Not applicable

Total Capital Investment:

$30,209,700
Real Property Investment:
$28,000,000

Personal Property Investment:
$1,600,000

Community Reinvestment Credit (CRC):
$609,700

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$2,492,295

Projected Taxes Abated:

$3,753,798
City: $1,640,410 (75%)
County: $2,113,388 (75%)

Benefit/Cost Ratio:

0.66

Projected MWBE/LOSB Spending:

$7,563,070

Incentive Provided:

$3,753,798

Compliance Information

Not applicable

Approved

7/17/2019

Ramp up Period

2

Closing

12/1/2020 (Real)

Effective

12/1/2020

Lease Begins

12/1/2020 (Real)

Lease Expires

11/30/2026 (Real)

Amended

Not applicable

Property Details

Lease Began

12/1/2020 (Real)

Lease Expires

11/30/2026 (Real)

Patterson Warehouse, Inc.

5388 Airways Blvd, Memphis, TN 38116