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ServiceMaster Global Holdings, Inc.
Project Number: 20160601
Pilot Type: Expansion
Status: Approved
Parcel ID:
County Commission District: 08 | City Council District: 06
Pilot Type: Expansion
Status: Approved
Parcel ID:
County Commission District: 08 | City Council District: 06
Summary
ServiceMaster Global Holdings, Inc. was awarded a personal property Expansion PILOT and a $2.3 million EDGE Cost Reimbursement Grant to retain 965 employees in the City of Memphis and relocate/consolidate its corporate headquarters at the vacant 315,450 sq. ft. former Peabody Place retail/entertainment facility located at 150 Peabody Place, Memphis, TN. In addition, EDGE will act as a conduit for the $5.5 million Tennessee FastTrack Economic Development Grant awarded the project.Established in 1929, ServiceMaster includes such well-known brands as Terminix, Merry Maid, and American Home Shield and is traded on the New York Stock Exchange. ServiceMaster has 13,000 total employees nationwide.
Total project investment is $36 million, including $26.7 million in real property improvements and $9.3 million in personal property. In addition to the corporate offices, ServiceMaster will create a state-of-the-art Information Technology Innovation Center at the new downtown location. The retained employees will include the Executive Leadership Team and other headquarters staff. The average base salary for the 965 Retained Jobs is $95,741 excluding benefits.
EDGE Staff projects $76,575,081 in total local tax revenues will be received during the PILOT term. The personal property PILOT will provide an estimated $3,143,831 of benefit to ServiceMaster.
EDGE, the State of Tennessee, the Center City Development Corporation, the Center City Revenue Finance Corporation, the Downtown Parking Authority, and the Tennessee Valley Authority provided incentives and assistance for the project.
PILOT Term:
15 years
Projected New Jobs:
Not applicable
Projected Retained Jobs:
965
Total Jobs:
965
Projected Average Payroll of New Jobs:
Not applicable
Projected Average Payroll of Retained Jobs:
$95,741
Annual New Direct Payroll:
Not applicable
Annual Retained Direct Payroll:
$92,390,065
Total Capital Investment:
$36,000,000
Real Property Investment:
$26,700,000
Personal Property Investment:
$9,300,000
Community Reinvestment Credit (CRC):
Not applicable
Capital Investment not in PILOT:
Not applicable
Projected Tax Revenue:
$76,575,081
Projected Taxes Abated:
$843,831
City:
$369,242
(75%)
County:
$474,589
(75%)
Benefit/Cost Ratio:
24.36
Projected MWBE/LOSB Spending:
$20,866,875
Incentive Provided:
$843,831
Compliance Information
Not applicable
Approved
6/15/2016
Ramp up Period
4 years
Closing
12/31/2016 (Personal)
Effective
12/31/2016
Lease Begins
12/31/2016 (Personal)
Lease Expires
12/31/2033 (Personal)
Amended
Not applicable
Property Details
Lease Began
12/31/2016 (Personal)
Lease Expires
12/31/2033 (Personal)