FedEx gets nod from Memphis EDGE for tax rebates
MEMPHIS, Tenn. – FedEx Supply Chain Systems will receive a tax break from the Economic Development Growth Engine (EDGE) for Memphis and Shelby County, according to a recent report in the Memphis Business Journal.
EDGE approved a five-year payment-in-lieu-of-tax (PILOT) incentive of $679,000 in exchange for a promise to invest $6.8 million to expand its distribution hub in Memphis and create 87 jobs with an average salary of $30,587.
According to the PILOT application, the company is considering adding to the 455,000-square-foot Summit Distribution Center Building III at 5050 Holmes Road in Memphis. An undisclosed location in Olive Branch, Mississippi, is also under consideration.
According to an estimate from EDGE, for every $1 in tax the local municipalities forfeit, they will receive a return of $2.73.
Source: Memphis Business Journal