Extends the term of the PILOT program for those who hire minority employees or contractors
All PILOT companies must file a Diversity Plan with the industrial development board, but those which meet or exceed all of the goals of the Diversity Plan may extend the PILOT by one or two years at the discretion of the Industrial Development Board.
Created to encourage the support and inclusion of minority, women, and locally owned small businesses in the economic development of the local community.
Guides businesses through economic gardening program
This incentive is being tested with a pilot of 22 businesses in Memphis but may expand in the future. Focuses on growth-minded stage-2 businesses with revenue between $1 and $50 million, and 10 to 100 employees. The economic gardening program provides technical assistance to develop and expand existing local businesses with growth potential.
Being developed to fill the gap of technical assistance for existing small businesses looking to expand.
Allows businesses in designated Foreign Trade Zones to process foriegn goods prior to formal Customs entry, deffering or eliminating duties
Duty-free treatment is accorded items that are reexported and duty payment is deferred on items sold in the U.S. market, thus offsetting Customs advantages available to overseas producers who compete with producers located in the United States. The City of Memphis is the Grantee of Foreign-Trade Zone (FTZ) No. 77 that includes sites at the Port of Memphis, several sites in southeast Memphis, and the Memphis Depot Business Park.
Established under a 1934 federal act to encourage foreign trade and to create and retain American-based jobs.
Provides expansion loans to established businesses with an emphasis on manufacturers and distributors
Loan proceeds may be used for any legitimate business purpose, including working capital machinery and equipment, property acquisitions and construction (building renovations ore leasehold improvements). To be considered, the business must be operating for at least 18 months and be in good financial standing. EDGE Impact Fund requires, at a minimum: 2009, 2010 and 2011 tax returns; year-end and current interim 2012 financial statements; and current business debt schedule. Loan size is $150,000 ? $2 million. Interest rates are based on floating, risk-based pricing. Fixed rates are available. Repayment terms vary based on use of funds (including refinance).
Created to promote the expansion of existing businesses, particularly manufacturers and distributors.
Bonds issued by public entities to fund the construction or renovation of manufacturing facilities
The bonds are issued by public entities on behalf of private, for-profit companies. The bond buyers provide the funds needed by the company. Interest earned by the bond buyers is exempt from federal (and some state) income tax. As a result, the bond buyers are willing to accept a lower interest rate. Funds must be used to acquire land/buildings, construct facilities, renovate facilities, or acquire new or used equipment. Minimum of 70% must go to core manufacturing.
Developed to allow public entities to leverage capital to fund targeted development in the manufacturing sector.
Tax abatement of up to 90% of city personal and property taxes and 75% of county personal and property taxes for a maximum of 15 years
Amount of abatement is determined by capital investment, number of new jobs, average wage of new jobs, location of project, diversity plan, environmental plan, and industry. To be considered, companies must have a minimum capital investment of $1 million and hire add at least 15 new jobs at an average salary of $10 or more per hour. Retention PILOTs require a minimum capital investment of $10 million and the creation of at least 100 new jobs.
Created to alleviate the burden of start-up and relocation expenditures.