VOL. 126 | NO. 31 | Tuesday, February 15, 2011
IDB to Consider Tax Break for Mitsubishi
By Andy Meek
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.