» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation Links
VOL. 126 | NO. 31 | Tuesday, February 15, 2011

IDB to Consider Tax Break for Mitsubishi

By Andy Meek

Print | Front Page | Email this story | Email reporter | Comments ()

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.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 72 368 16,413
MORTGAGES 66 422 21,432
FORECLOSURE NOTICES 15 76 4,266
BUILDING PERMITS 176 877 39,378
BANKRUPTCIES 60 294 15,542
BUSINESS LICENSES 20 98 5,491
UTILITY CONNECTIONS 69 423 23,573
MARRIAGE LICENSES 17 95 5,035

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.