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Pfizer Inc.
Project Number: 20171003
Pilot Type: Expansion
Status: Approved
Parcel ID: 08002400025
County Commission District: 08 | City Council District: 02
Pilot Type: Expansion
Status: Approved
Parcel ID: 08002400025
County Commission District: 08 | City Council District: 02
Summary
Pfizer, Inc. was awarded a fourteen-year Expansion PILOT to encourage the company to remain in Memphis and retain 250 jobs at 949 S. Shady Grove Road. The total project investment includes the $2.9 million purchase of furniture, fixtures, and computer equipment. Additionally, Pfizer will invest $4.7 million for tenant improvements at the Shady Grove location.The average annual base salary for the 250 corporate administrative support staff is $88,776 excluding benefits. Pfizer will occupy space in a 155,000 square-foot office building.
Founded in 1849, Pfizer is the world’s largest biopharmaceutical company. Pfizer manufactures products such as Lipitor, Celebrex, Norvasc, Lyrica, and Viagra. The Expansion PILOT will enable Pfizer to reduce overhead costs and improve its competitive position in the global market.
In December 2017, Pfizer PILOT 20171003 was amended to include an increase of office space to 65,593 square feet; increasing the Community Reinvestment Credit to $13,512,158. This resulted in a PILOT benefit of $5,909,182 with a local business participation increase to $2,073,521, and an increase in local tax revenue to $17,284,704.
PILOT Term:
14
Projected New Jobs:
Not applicable
Projected Retained Jobs:
250
Total Jobs:
250
Projected Average Payroll of New Jobs:
Not applicable
Projected Average Payroll of Retained Jobs:
$88,776
Annual New Direct Payroll:
Not applicable
Annual Retained Direct Payroll:
$22,194,000
Total Capital Investment:
$21,252,733
Real Property Investment:
$4,748,575
Personal Property Investment:
$2,992,000
Community Reinvestment Credit (CRC):
$13,512,158
Capital Investment not in PILOT:
Not applicable
Projected Tax Revenue:
$17,284,704
Projected Taxes Abated:
$5,909,182
City:
$2,582,313
(75%)
County:
$3,326,869
(75%)
Benefit/Cost Ratio:
2.93
Projected MWBE/LOSB Spending:
$2,073,521
Incentive Provided:
$5,909,182
Compliance Information
Not applicable

Approved
10/18/2017
Ramp up Period
2
Closing
11/1/2018 (Real)
12/31/2019 (Personal)
12/31/2019 (Personal)
Effective
11/1/2018
Lease Begins
11/1/2018 (Real)
12/31/2019 (Personal)
12/31/2019 (Personal)
Lease Expires
11/1/2032 (Real)
12/31/2033 (Personal)
12/31/2033 (Personal)
Amended
Not applicable
Property Details
Lease Began
11/1/2018 (Real)
12/31/2019 (Personal)
12/31/2019 (Personal)
Lease Expires
11/1/2032 (Real)
12/31/2033 (Personal)
12/31/2033 (Personal)