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Raymond James and Associates, Inc.
Project Number: 20191005
Pilot Type: Jobs
Status: Approved
Parcel ID: 080024 00011C and 080023 J00001
County Commission District: 13 | City Council District: 02, 09
Pilot Type: Jobs
Status: Approved
Parcel ID: 080024 00011C and 080023 J00001
County Commission District: 13 | City Council District: 02, 09
Summary
Raymond James and Associates, Inc. (“Applicant”) was approved for an eight-year Jobs PILOT to enable the company to create 100 Net New Jobs with an average base salary of $63,970 excluding benefits and invest $23,608,000 in the City of Memphis.The total project investment includes $15,839,000 for renovation of existing structures and $7,769,000 for new personal property at 1100 Ridgeway Loop and 889 Ridge Lake Boulevard.
Parcel 080024 00011C (1100 Ridgeway Loop) is 6.61 acres and contains a 156,022 square foot office building. The Applicant currently occupies two floors (33.33%) of the building and will be taking the remainder as part of this project. Parcel 080023 J00001 (889 Ridge Lake) is 4.55 acres and contains a vacant 103,252 square foot building. PILOT benefit will only be extended proportionally for the value of real property improvements occupied by the Applicant and new personal property.
Raymond James is a publicly traded company with 2018 revenues of $7.27 billion. The company was founded in 1962 and is headquartered in St. Petersburg, Florida. In 2012, the company merged with Memphis-based Morgan Keegan and Company. The company offers financial services, asset management and banking to individuals, corporations and municipalities. Today the Raymond James employs more than 13,000 people.
Raymond James has been considering consolidation of the legacy Morgan Keegan Memphis operation that currently has 863 employees in three different locations spread across the city. In addition to the Florida headquarters and current Memphis offices, Raymond James has major operations in Southfield, Michigan and Denver, Colorado. The Memphis facility will expand, providing service for the Private Capital Group, Equity Capital Markets, Fixed Income Markets and maintaining a portion of the company’s back-office operations.
PILOT Term:
8
Projected New Jobs:
100
Projected Retained Jobs:
Not applicable
Total Jobs:
100
Projected Average Payroll of New Jobs:
$63,970
Projected Average Payroll of Retained Jobs:
Not applicable
Annual New Direct Payroll:
$6,397,000
Annual Retained Direct Payroll:
Not applicable
Total Capital Investment:
$23,608,000
Real Property Investment:
$15,839,000
Personal Property Investment:
$7,769,000
Community Reinvestment Credit (CRC):
Not applicable
Capital Investment not in PILOT:
Not applicable
Projected Tax Revenue:
$5,839,804
Projected Taxes Abated:
$3,238,410
City:
$1,426,570
County:
$1,811,840
Benefit/Cost Ratio:
1.80
Projected MWBE/LOSB Spending:
$4,445,516
Incentive Provided:
$3,328,440
Compliance Information
Not applicable
Approved
10/16/2019
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