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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 67 67 1,031
MORTGAGES 78 78 1,397
FORECLOSURE NOTICES 16 16 313
BUILDING PERMITS 172 172 2,162
BANKRUPTCIES 58 58 1,001
BUSINESS LICENSES 32 32 426
UTILITY CONNECTIONS 83 83 1,408
MARRIAGE LICENSES 16 16 210

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