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Riviana Foods Inc.

Project Number: 20190101
Pilot Type: Jobs
Status: Approved
Parcel ID: 049065 00001C
County Commission District: 10 | City Council District: 06, 08

Summary

EDGE Board of Directors approved a seven-year Jobs PILOT for Riviana Foods, Inc. Riviana Foods will invest $21.5 million and create 43 new jobs with an average salary of $43,000 in Memphis and Shelby County.

The PILOT will encourage the company to expand its Memphis operations to accommodate its ready-to-serve product manufacturing lines. Riviana Foods is the largest processor, marketer, and distributor of rice products in the United States.

EDGE Staff projects $2,177,129 in local total tax revenues to be received during the PILOT term of this project and an estimated $1,639,399 benefit to Riviana Foods, Inc. Riviana is also required to spend at least $1,134,719 with City/County-certified Minority/Women Owned Business Enterprises.

PILOT Term:

7

Projected New Jobs:

43

Projected Retained Jobs:

Not applicable

Total Jobs:

43

Projected Average Payroll of New Jobs:

$43,552

Projected Average Payroll of Retained Jobs:

Not applicable

Annual New Direct Payroll:

$1,872,728

Annual Retained Direct Payroll:

Not applicable

Total Capital Investment:

$21,536,839
Real Property Investment:
$3,969,589

Personal Property Investment:
$17,567,250

Community Reinvestment Credit (CRC):
Not applicable

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$2,177,129

Projected Taxes Abated:

$1,639,399
City: $716,417 (75%)
County: $922,982 (75%)

Benefit/Cost Ratio:

1.33

Projected MWBE/LOSB Spending:

$1,134,719

Incentive Provided:

$1,639,399

Compliance Information

Not applicable

Approved

1/16/2019

Ramp up Period

2

Closing

12/31/2019 (Real)
12/31/2019 (Personal)

Effective

12/31/2019

Lease Begins

12/31/2019 (Real)
12/31/2019 (Personal)

Lease Expires

12/31/2026 (Real)
12/31/2026 (Personal)

Amended

Not applicable

Property Details

Lease Began

12/31/2019 (Real)
12/31/2019 (Personal)

Lease Expires

12/31/2026 (Real)
12/31/2026 (Personal)

Riviana Foods Inc.

2314 South Lauderdale Street, Memphis, TN 38106