‹ Back To Pilot Programs
The Northwest Company, LLC
Project Number: 20180101
Pilot Type: Fast Track
Status: Approved
Parcel ID: 09420000420
County Commission District: 11 | City Council District: 3
Pilot Type: Fast Track
Status: Approved
Parcel ID: 09420000420
County Commission District: 11 | City Council District: 3
Summary
The Northwest Company, LLC was awarded a ten-year EDGE Fast Track Payment In Lieu of Tax (PILOT). The project will bring 25 new jobs to Memphis with an average base salary of $34,250 excluding benefits and $5.7 million worth of capital investment to the facility located at 4755 Southpoint Drive.Founded in 1987 and headquartered in Roslyn, New York with facilities in North Carolina and California, The Northwest Company is a top manufacturer of branded blankets and throws. The company imports, manufactures, and distributes blankets, pillows, towels, bags, and accessories under licensing agreements with Disney, the NFL, MLB, NHL, NBA, MLS, and more than 250 colleges. The company sells to specialty stores and mass merchant retailers throughout the United States and Canada, and operates an online retail presence. The Northwest Company will lease a long vacant distribution facility in Southeast Memphis to support its customer base in the Central United States and house office space for order entry, customer services, and clerical functions.
EDGE Staff projects $5,117,002 in local total tax revenues to be received during the PILOT term and an estimated $4,967,197 benefit to The Northwest Company, LLC.
PILOT Term:
10
Projected New Jobs:
25
Projected Retained Jobs:
Not applicable
Total Jobs:
25
Projected Average Payroll of New Jobs:
$34,250
Projected Average Payroll of Retained Jobs:
Not applicable
Annual New Direct Payroll:
$856,250
Annual Retained Direct Payroll:
Not applicable
Total Capital Investment:
$25,237,500
Real Property Investment:
$3,716,400
Personal Property Investment:
$800,000
Community Reinvestment Credit (CRC):
$19,520,900
Capital Investment not in PILOT:
$1,200,000
Projected Tax Revenue:
$5,117,002
Projected Taxes Abated:
$4,967,197
City:
$2,170,665
(75%)
County:
$2,796,532
(75%)
Benefit/Cost Ratio:
1.03
Projected MWBE/LOSB Spending:
$1,674,180
Incentive Provided:
$4,967,197
Compliance Information
Not applicable
Approved
1/17/2018
Ramp up Period
Not applicable
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