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VOL. 126 | NO. 31 | Tuesday, February 15, 2011

IDB to Consider Tax Break for Mitsubishi

By Andy Meek

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Twenty-four hours after Mitsubishi executives unveiled plans to build $200 million plant in Memphis that will manufacture electric transformers, the plans will go before the city-county Industrial Development Board to secure crucial tax incentives.

The IDB meets at 9 a.m. at Memphis City Hall, 125 N. Main St., to consider a 15-year PILOT (payment-in-lieu-of-taxes) incentive worth more than $41 million for Mitsubishi, which plans to build a 350,000-square-foot plant on almost 100 acres in Rivergate Industrial Park.

The state of Tennessee also is contributing incentives that include $11 million for road and infrastructure needs, as well as money for job training aid.

Shelby County also plans to contribute $1 million. And the city has agreed to relocate a major sewer line to smooth the way for construction of the plant.

Mitsubishi is making a direct, up-front cash investment of about $195 million. It will eventually create about 275 jobs with an annual average wage of $49,790.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 74 437 6,772
MORTGAGES 122 557 9,280
FORECLOSURE NOTICES 25 129 1,990
BUILDING PERMITS 236 716 15,738
BANKRUPTCIES 56 309 6,059
BUSINESS LICENSES 17 104 2,598
UTILITY CONNECTIONS 76 499 8,469
MARRIAGE LICENSES 31 138 1,997

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