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Target Corporation
Project Number: 20141201
Pilot Type: Standard/Basic
Status: Terminated
Parcel ID: 094200 00494
County Commission District: 11 | City Council District: 3
Pilot Type: Standard/Basic
Status: Terminated
Parcel ID: 094200 00494
County Commission District: 11 | City Council District: 3
Summary
Target Corporation was awarded a 15-year PILOT that will encourage the company to establish a fulfillment center with 462 Net New jobs with an average annual salary of the new employees will be $28,456 at 5461 Davidson Road.Target Corporation is an American retail company founded in 1902 and headquartered in Minneapolis, Minnesota. Target is the third largest discount retailer in the United States and was ranked 36th on the fortune 500 as of 2013. Target operates 1,916 stores in the United States and employs more than 300,000 people in the United states and Canada.
Target will invest $52,280,045 in real and personal property improvements and receive $16,839,500 in Community Reinvestment Credit (CRC) at the 5461 Davidson Road facility. Target Corporation will occupy 100 percent of the 913,940 square foot building.
The PILOT Sponsor (fee owner) is Memphis Industrial Park Investors Inc.
In addition, Target will receive an EDGE grant in the amount of $150,000 to be administered by the Workforce Investment Network (WIN) and used for on the job training (OJT) if/when WIN’s initial OJT commitment is exhausted.
The Project will create $27,262,007 in new tax revenue for Memphis and Shelby County and has a benefit/cost ratio of $2.24 of new tax revenue for every $1.00 of abated taxes.
THE TARGET PILOT AGREEMENT WAS TERMINATED FEBRUARY 8, 2018.
PILOT Term:
15 years
Projected New Jobs:
462
Projected Retained Jobs:
Not applicable
Total Jobs:
462
Projected Average Payroll of New Jobs:
$28,456
Projected Average Payroll of Retained Jobs:
Not applicable
Annual New Direct Payroll:
$13,146,672
Annual Retained Direct Payroll:
Not applicable
Total Capital Investment:
$69,119,545
Real Property Investment:
$3,355,000
Personal Property Investment:
$48,925,045
Community Reinvestment Credit (CRC):
$16,839,500
Capital Investment not in PILOT:
Not applicable
Projected Tax Revenue:
$27,262,007
Projected Taxes Abated:
$12,171,125
City:
$5,318,782
(75%)
County:
$6,852,343
(75%)
Benefit/Cost Ratio:
2.24
Projected MWBE/LOSB Spending:
$12,198,000
Incentive Provided:
$12,171,125
Compliance Information
Not applicable

Approved
12/17/2014
Ramp up Period
2 years
Closing
9/2/2015 (Real)
12/31/2015 (Personal)
12/31/2015 (Personal)
Effective
Not applicable
Lease Begins
9/2/2015 (Real)
12/31/2015 (Personal)
12/31/2015 (Personal)
Lease Expires
9/2/2030 (Real)
12/31/2030 (Personal)
12/31/2030 (Personal)
Amended
Not applicable
Property Details
Lease Began
9/2/2015 (Real)
12/31/2015 (Personal)
12/31/2015 (Personal)
Lease Expires
9/2/2030 (Real)
12/31/2030 (Personal)
12/31/2030 (Personal)