TN: Memphis Bank to Invest in New Building, Adding 15 New Jobs
20 Sep, 2019
EDGE Board of Directors approved a 9-year Jobs PILOT for Renasant Bank (NASDAQ: RNST). The financial institution will invest more than $15.8 million in a new 45,000 square foot building in east Memphis for its regional headquarters and create 15 new jobs with an average salary of $93,333.
Renasant will consolidate 62 existing area employees, add 15 new positions and create a Metro Memphis operation that includes community and commercial banking, mortgage services, private client and capital advisors, and treasury management in one building. Additionally, Renasant will secure space for additional future corporate growth.
For the 15-year Jobs PILOT terms, the company will create 15 Net New Jobs with an average base salary of $93,333 excluding benefits and invest $15,830,300 in the City of Memphis. The company will occupy 30,000 square feet in a newly constructed 45,000 square foot building located at 5575 Poplar Avenue. The total project investment includes $12,500,000 for new construction, the value of the land at $2,030,300 and $1,300,00 for new personal property. EDGE Staff projects $1,376,997 in local total tax revenues to be received during the PILOT term of this project and a $1,715,586 benefit to the company.
In addition to the Poplar Corridor Business District Tax Increment Financing (TIF) District, EDGE has supported the east Memphis office market by working with International Paper, Pfizer, ABB, Evergreen Packaging, Wright Medical, and others. According to CBRE, the “east” office market is the area’s largest, with 9.3 million square feet of space.
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