TN: Mimeo.com to Invest $13.4M, Relocate to Memphis, Hire 171, Retain 284
17 May, 2018
EDGE Board of Directors awarded a 15-year Expansion PILOT to Mimeo.com, Inc. that will encourage the company to relocate its New York-based corporate headquarters to Memphis, Tennessee. Currently, Mimeo operates an existing manufacturing and distribution facility in Memphis. With the company's new corporate headquarters relocation, Mimeo will retain 284 existing employees and create 171 net new jobs with an average salary of $54,930. The company will make a capital investment of $13,469,000 at 3350 Miac Cove near the Memphis International Airport.
Mimeo operates four print production and distribution centers around the world, each located next to a shipping hub. These centers include an existing Memphis facility and others in Newark, New Jersey; Cambridgeshire, United Kingdom; and Berlin, Germany. The company is the innovator of online content management, printing and distribution. Mimeo has more than 50,000 customers who rely on the company for timely delivery of printed-materials.
EDGE Staff projects $28,430,165 in local total tax revenues to be received during the PILOT term of this project.
The EDGE Board also approved two 15-year Community Builder PILOTs for The Whitehaven Landing and William R. Moore School of Technology. Both projects require financial assistance to help remove blight, complete redevelopment of the buildings and improve the overall neighborhood quality of life consistent with the Community Builder PILOT policies. The projects’ respective Census Tracts are also categorized as severely distressed based on poverty, unemployment, and income levels.
The Whitehaven Landing, located at the northwest corner of Faronia and East Shelby Drive, is designed to be a family entertainment anchored retail shopping center comprised of a 37,000 square foot indoor trampoline park, 16,529 square feet of retail space and 17,432 square feet of flex space positioned for office or retail use. The anchor tenant is Altitude Trampoline Park which will be operated through a franchise agreement with the building’s ownership group JDUSA Shopping Center, Inc.
JDUSA Shopping Center, Inc. will invest $4,458,009 into the facility and create 30 part-time trampoline park positions, 30 part-time positions with other retailers, 40 full-time positions with businesses occupying the flex-space, and four management positions. This equates to 89 full-time-equivalent jobs at an average annual wage of $22,804.
The Greater Whitehaven Economic Redevelopment Corporation supports the project. EDGE staff projects $433,205 in local total tax revenues to be received during the PILOT term of this project.
William R. Moore College of Technology 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. At full capacity, the school will support 90 students. The project involves redeveloping a vacant and blighted former car dealership on Mendenhall in southeast Shelby County. William R. Moore College of Technology will invest $2,396,000 into the facility. The school will support area workforce development and create four jobs with an average annual wage of $56,750.
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 of this project.
Created in 2011 to strengthen and streamline city and county economic development efforts, EDGE provides and coordinates public resources to drive economic development in Memphis and Shelby County, Tennessee. EDGE focuses on developing and fostering public/private partnerships to create jobs, grow the local economy, revitalize neighborhoods, attract investment, spark innovation and encourage entrepreneurship. EDGE offers a variety of programs to generate jobs, revenue and community investment. Approved EDGE projects are projected to create and retain more than 17,000 jobs with $3.4 billion of new investment, $467 million of contracts for MWBEs/LOSBs, and nearly $1.1 billion in new tax revenue for Memphis and Shelby County, Tennessee.