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VOL. 126 | NO. 38 | Thursday, February 24, 2011

County Commission Committee Recommends Mitsubishi Incentives

By Andy Meek

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The Shelby County Commission’s economic development & tourism committee has recommended approval of the county contributing $1 million to the financial incentives for Mitsubishi Electric Power Products Inc., which is building a new transformer manufacturing plant in Memphis.

The full commission will take action on the recommendation at the full County Commission meeting Monday.

Mark Herbison, senior vice president for economic development with the Greater Memphis Chamber, said local officials have been working on the Mitsubishi project since January 2009.

Ken Badaracco, who will be the plant manager for the Memphis facility, said MEPPI began canvassing the U.S. for sites about 2 years ago. The site selection was whittled down to 6 to 8 locations, and MEPPI then began ranking them based on amenities like schools and infrastructure.

Badaracco said Memphis ended up among the final two or three locations but had an uphill battle because Rivergate Industrial Park, the site where MEPPI is putting its plant, needed a large amount of infrastructure work.

That’s where the incentive package came into play.

Herbison said the project will generate tens of millions of dollars in property tax revenue for the city and county.

“What they’re going to be building here are very heavy transformers that are now only built in Japan,” Herbison said, adding that it will provide the TVA and other utilities with products they now have to import.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 38 349 15,066
MORTGAGES 111 449 19,779
FORECLOSURE NOTICES 33 91 3,886
BUILDING PERMITS 0 512 35,842
BANKRUPTCIES 62 309 14,343
BUSINESS LICENSES 18 138 5,129
UTILITY CONNECTIONS 69 385 21,817
MARRIAGE LICENSES 13 106 4,663

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