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Power Transport
Project Number: 20181202
Pilot Type: Jobs
Status: Approved
Parcel ID: 060222 I00015
County Commission District: 11 | City Council District: 03, 08
Pilot Type: Jobs
Status: Approved
Parcel ID: 060222 I00015
County Commission District: 11 | City Council District: 03, 08
Summary
EDGE Board of Directors awarded an eight-year Jobs Payment in Lieu of Tax (PILOT) to Memphis-based transportation and logistics company, Power Transport.The PILOT will encourage the company to create 26 net new jobs with an average salary of $62,807 and invest $1,675,000 at 3036 Directors Row, a vacant and underutilized collection of buildings near the Memphis International Airport. Power Transport plans to reuse a portion of the buildings for storage and logistics activities, demolish a portion of the buildings to create additional truck staging space, and renovate the remainder for corporate office functions.
Power Transport is an irregular route truckload carrier based in Memphis, TN founded on service, integrity, and safety. With more than 100 years of combined transportation management experience, Power Transport has dedicated lanes in the Southeast and Midwest United States. The company focuses on medium to short haul regional freight, offering industry leading on-time service.
EDGE Staff projects $860,634 in local tax revenues to be received during the PILOT term.
PILOT Term:
8
Projected New Jobs:
26
Projected Retained Jobs:
Not applicable
Total Jobs:
26
Projected Average Payroll of New Jobs:
$62,807
Projected Average Payroll of Retained Jobs:
Not applicable
Annual New Direct Payroll:
$1,632,982
Annual Retained Direct Payroll:
Not applicable
Total Capital Investment:
$1,675,000
Real Property Investment:
$1,625,000
Personal Property Investment:
Not applicable
Community Reinvestment Credit (CRC):
Not applicable
Capital Investment not in PILOT:
$50,000
Projected Tax Revenue:
$860,634
Projected Taxes Abated:
$245,552
City:
$107,306
(75%)
County:
$138,246
(75%)
Benefit/Cost Ratio:
3.50
Projected MWBE/LOSB Spending:
$286,833
Incentive Provided:
$245,552
Compliance Information
Not applicable
Approved
12/19/2018
Ramp up Period
2
Closing
12/31/2019 (Real)
Effective
12/31/2019
Lease Begins
12/31/2019 (Real)
Lease Expires
12/31/2027 (Real)
Amended
Not applicable
Property Details
Lease Began
12/31/2019 (Real)
Lease Expires
12/31/2027 (Real)