TN: Pandrol to Locate HQ, Manufacturing in Memphis, Create 73 Jobs
17 May, 2019
EDGE Board of Directors approved a Community Builder PILOT for Pandrol USA. The goal of the EDGE Community Builder PILOT is to spark growth and development in economically distressed areas, specifically designated as a federal New Markets Tax Credit Eligible Census Tract and a Qualified Opportunity Zone.
For the terms of the PILOT, Pandrol will create and maintain a total of 73 employees with an average salary of $49,453 excluding benefits. The company will invest $9,291,200 in the facility located at 611 Winchester Road. After intensive environmental remediation and site work, the company will locate its North American headquarters to Memphis and launch a manufacturing operation at the facility.
The building, located adjacent to a residential community, is in need of substantial renovation and environmental mitigation. The qualified Census Tract has a 28.1% poverty rate and an unemployment rate of 11.2% (compared to 4.9% for Memphis and 4.4% for Shelby County). Financial assistance is needed to help expand the local economy, spark investment, and create jobs in an economically distressed area. Additionally, removal of blight and improvement of the overall neighborhood quality of life is consistent with the Community Builder PILOT policies. Pandrol USA proposes to remediate the 20-acre project site and renovate the 233,000 SF building situated on the property.
With global headquarters in France and the North American headquarters currently located in New Jersey, Pandrol USA manufactures and installs rail fastening products such as railroad clips, crosstie plates and screw spikes. The parent company operates 17 related companies around the globe and has 1,700 total employees. Pandrol USA (known as Pandrol North America) has 11 offices and four manufacturing facilities throughout the United States, Canada and Mexico. Due to growth in this highly competitive industry, Pandrol USA is looking for another manufacturing facility and a corporate location closer to its customers.
EDGE Staff projects $5,098,567 in local total tax revenues to be received during the PILOT term of this project and an estimated $1,526,910 benefit Pandrol USA across the 15-year term.
Tennessee
TN: Pandrol to Locate HQ, Manufacturing in Memphis, Create 73 Jobs
17 May, 2019
Related Links :
Tennessee Department of Economic and Community Development