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Re: tryn2 post# 331785

Thursday, 11/19/2020 7:33:23 PM

Thursday, November 19, 2020 7:33:23 PM

Post# of 731868

So what's the news...???



Maybe this????(posted this morning but I can't find the link anymore):

Bring on the jobs: It was just announced that Cognate BioServices, Inc. is seeking a 15-year Jobs PILOT from EDGE.

Quick refresher on what that is—in a PILOT (payment in lieu of taxes) we reduce the property tax we charge for a few years to get projects that would have either gone somewhere else or wouldn't have happened at all. In return, a company commits to create or retain jobs, pay good wages, invest in Memphis, and contract with minority and women-owned firms.

Once this PILOT is approved, it will enable the company to create 561 net new jobs at an average wage of nearly $64,000 with a capital investment of almost $213 million.

The locations proposed for this project currently produce around $524,000 in City of Memphis and Shelby County property taxes each year. The estimated annual property taxes will be nearly $1.18 million during the PILOT term and $4.4 million afterwards.

This is great news during a year when we haven’t had enough of it to share. I’m excited about this project and what those jobs and investment will mean for Memphis.

Have a great weekend!

Yours,
Mayor Jim Strickland



another article: https://eu.commercialappeal.com/story/money/business/development/2020/11/18/edge-board-awards-memphis-based-cognate-bioservices-52-million-pilot/6310496002/
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