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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 137 550 13,176
MORTGAGES 136 615 17,085
FORECLOSURE NOTICES 19 74 3,364
BUILDING PERMITS 223 924 28,618
BANKRUPTCIES 73 376 10,866
BUSINESS LICENSES 20 131 4,335
UTILITY CONNECTIONS 0 472 16,821
MARRIAGE LICENSES 30 130 3,821

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