Project Number: 20111202
Pilot Type: Retention
Status: Approved
Parcel ID: 050019 00003C
County Commission District: 09 | City Council District: 06, 08

Summary

The 15-year PILOT will help the oil refinery build a new hydrogen plant, make cooling tower additions and improve tanks and other facilities at the 70-year-old facility at 543 W. Mallory.

Valero will invest nearly $300 million in its Memphis facility to expand its operations and to retain its current workforce.

PILOT Term:

15 years

Projected New Jobs:

Not applicable

Projected Retained Jobs:

557

Total Jobs:

557

Projected Average Payroll of New Jobs:

Not applicable

Projected Average Payroll of Retained Jobs:

$95,844

Annual New Direct Payroll:

$135,163,656

Annual Retained Direct Payroll:

$53,385,108

Total Capital Investment:

$298,538,000
Real Property Investment:
Not applicable

Personal Property Investment:
$298,538,000

Community Reinvestment Credit (CRC):
Not applicable

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$54,001,012

Projected Taxes Abated:

$25,763,299
City: $12,564,290 (75%)
County: $13,199,009 (75%)

Benefit/Cost Ratio:

2.10

Projected MWBE/LOSB Spending:

$15,075,000

Incentive Provided:

$25,763,299

Compliance Information

Not applicable