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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

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)

William R Moore College of Technology

2785 South Mendenhall, Memphis, TN 38115