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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
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)
12/31/2019 (Personal)
Effective
12/31/2019
Lease Begins
12/31/2019 (Real)
12/31/2019 (Personal)
12/31/2019 (Personal)
Lease Expires
12/31/2026 (Real)
12/31/2026 (Personal)
12/31/2026 (Personal)
Amended
Not applicable
Property Details
Lease Began
12/31/2019 (Real)
12/31/2019 (Personal)
12/31/2019 (Personal)
Lease Expires
12/31/2026 (Real)
12/31/2026 (Personal)
12/31/2026 (Personal)