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William R Moore College of Technology
Project Number: 20180503
Pilot Type: Community Builder
Status: Approved
Parcel ID: 0074001A00006
County Commission District: 11 | City Council District: 3
Pilot Type: Community Builder
Status: Approved
Parcel ID: 0074001A00006
County Commission District: 11 | City Council District: 3
Summary
William R. Moore College of Technology (Moore Tech) was awarded a 15-year Community Builder PILOT. William R. Moore College of Technology and the Greater Memphis Automobile Dealers Association are partnering to launch a new auto-technician school to train mechanics.The mission of Moore Tech is to provide the student with the training and skills necessary to become successful in business and industry. It is the goal of the college to provide students with a working knowledge of the skills needed to enter employment in the program area of their choice. The project involves redeveloping a vacant and blighted former car dealership in Southeast Memphis in an effort to launch a new auto-technician school. At full capacity, the school will support 90 students. Moore Tech will invest $3,396,000 into the facility. The school will support area workforce development and create four jobs with an average annual wage of $56,750.
Financial assistance is needed to remove blight, complete redevelopment of the building and improve the overall neighborhood quality of life consistent with the Community Builder PILOT policies. The project is located in a Census Tract that is designated severely distressed based on poverty, unemployment, and income. Fifty six percent of the area’s 38115 zip code households have incomes of less than $35,000 annually.
Power Center Community Development Corporation supports the project. EDGE Staff projects $456,929 in local total tax revenues to be received during the PILOT term and a $656,647 benefit to Moore Tech.
PILOT Term:
15
Projected New Jobs:
4
Projected Retained Jobs:
Not applicable
Total Jobs:
4
Projected Average Payroll of New Jobs:
$56,750
Projected Average Payroll of Retained Jobs:
Not applicable
Annual New Direct Payroll:
$227,000
Annual Retained Direct Payroll:
Not applicable
Total Capital Investment:
$3,396,000
Real Property Investment:
$1,830,000
Personal Property Investment:
$566,000
Community Reinvestment Credit (CRC):
$1,000,000
Capital Investment not in PILOT:
Not applicable
Projected Tax Revenue:
$456,929
Projected Taxes Abated:
$656,647
City:
$286,955
(75%)
County:
$369,692
(75%)
Benefit/Cost Ratio:
Not applicable
Projected MWBE/LOSB Spending:
$443,497
Incentive Provided:
$656,647
Compliance Information
Not applicable

Approved
5/16/2018
Ramp up Period
1
Closing
4/18/2019 (Real)
Effective
4/18/2019
Lease Begins
4/18/2019 (Real)
Lease Expires
4/18/2034 (Real)
Amended
Not applicable
Property Details
Lease Began
4/18/2019 (Real)
Lease Expires
4/18/2034 (Real)