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State Systems, Inc.
Project Number: 20150802
Pilot Type: Standard/Basic
Status: Approved
Parcel ID: 088040 A00024C
County Commission District: 06 | City Council District: 01, 09
Pilot Type: Standard/Basic
Status: Approved
Parcel ID: 088040 A00024C
County Commission District: 06 | City Council District: 01, 09
Summary
State Systems, Inc. was awarded a 4-year Basic PILOT to enable the company to add 25 net new jobs and invest more than $1.6 million at a facility located at 1861 Vanderhorn Drive.State Systems will invest $1,250,000 to purchase the Vanderhorn Facility, and an additional $250,000 in building renovations. The land value of $114,800 will not be abated.
State Systems will invest $150,000 in personal property at the Vanderhorn location.
State Systems will receive $1,135,200 in Community Reinvestment Credit (CRC) for the use of 100 percent (30,000 sq. ft.) of the Vanderhorn facility, for a total capital investment of $1,650,000.
The average salary of the 25 new employees will be $49,081.
The project will create $412,051 in new tax revenue for Memphis and Shelby County and has a benefit to cost ratio of $2.94 in new tax revenue for every $1 of taxes abated.
State Systems, Inc. is a privately owned, total protection company with years of proven experience in designing and fitting clients with engineered systems. State Systems acquired the assets of ESI companies in June of 2015 and have outgrown their current facility.
The new facility will allow State Systems to grow and expand in Memphis and Shelby County.
Founded over 25 years ago in Memphis, TN. State Systems seeks to embody its mission of protecting life and property for every client, every day. Long known in the Mid-South for its family owned leadership and life safety systems, the company’s longest standing and best known services have been enhanced by new technology services such as network integration, structured cabling systems and wireless support.
PILOT Term:
4
Projected New Jobs:
25
Projected Retained Jobs:
Not applicable
Total Jobs:
25
Projected Average Payroll of New Jobs:
$49,081
Projected Average Payroll of Retained Jobs:
Not applicable
Annual New Direct Payroll:
$1,227,025
Annual Retained Direct Payroll:
Not applicable
Total Capital Investment:
$1,650,000
Real Property Investment:
$250,000
Personal Property Investment:
$150,000
Community Reinvestment Credit (CRC):
$114,800
Capital Investment not in PILOT:
$1,135,200
Projected Tax Revenue:
$412,051
Projected Taxes Abated:
$140,368
City:
$63,662
(80%)
County:
$76,706
(75%)
Benefit/Cost Ratio:
2.94
Projected MWBE/LOSB Spending:
$402,500
Incentive Provided:
$140,368
Compliance Information
Not applicable
Approved
8/19/2015
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