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Wright Medical
Project Number: 20130801
Pilot Type: Retention
Status: Approved
Parcel ID: 058126 00028
County Commission District: 13 | City Council District: 5
Pilot Type: Retention
Status: Approved
Parcel ID: 058126 00028
County Commission District: 13 | City Council District: 5
Summary
Wright Medical Technology was approved for a 15-year retention PILOT to enable the company to retain 225 jobs, add 35 new jobs and make a total investment of $10.6 million at its new corporate headquarters located at 1023 Cherry Road.In June, Wright sold its OrthoRecon knee and hip implant division and its Arlington corporate headquarters facility to MicroPort Medical. Terms of the sale required that Wright Medical vacate the facility by October 1. Wright Medical will retain its manufacturing and distribution operations in Arlington. It will focus on ankle, extremities and biologics businesses at its new, Memphis corporate headquarters.
The project will create $18,908,881 in new tax revenue for Memphis and Shelby County, a benefit-cost ratio of $4.56 in new tax revenue for every $1.00 of abated taxes.
PILOT Term:
15
Projected New Jobs:
35
Projected Retained Jobs:
225
Total Jobs:
260
Projected Average Payroll of New Jobs:
$70,000
Projected Average Payroll of Retained Jobs:
$108,000
Annual New Direct Payroll:
$26,750,000
Annual Retained Direct Payroll:
Not applicable
Total Capital Investment:
$15,570,440
Real Property Investment:
$5,200,000
Personal Property Investment:
$2,800,000
Community Reinvestment Credit (CRC):
$4,970,440
Capital Investment not in PILOT:
Not applicable
Projected Tax Revenue:
$18,908,881
Projected Taxes Abated:
$4,148,487
City:
$2,000,697
County:
$2,147,790
Benefit/Cost Ratio:
4.56
Projected MWBE/LOSB Spending:
$4,595,412
Incentive Provided:
$4,148,487
Compliance Information
Not applicable
Approved
8/7/2013
Ramp up Period
3 years
Closing
12/31/2015 (Real)
Effective
12/31/2013
Lease Begins
1/1/2015 (Real)
Lease Expires
1/1/2015 (Real)
Amended
Not applicable
Property Details
Lease Began
1/1/2015 (Real)
Lease Expires
1/1/2015 (Real)