VOL. 127 | NO. 30 | Tuesday, February 14, 2012
FedEx Plans $141M Investment in Local Facility
By Andy Meek
FedEx Express, the unit of the Memphis-based shipping giant that employs more than 144,000 people worldwide, is planning to invest $141.9 million to expand its business by consolidating its training facilities into a single location.
The company is planning to build a new facility east of and adjacent to its existing 3855 Airways Blvd. location.
Flight crew training is the main activity that will happen at the site. Right now, the company uses a combination of full flight simulators and flight training devices at other locations in Shelby County under short-term lease and license deals.
FedEx is looking to consolidate that activity into a single Air Operation Training Center. Additionally, the company would build a new building with 12 bays to house additional flight simulators and equipment to support training for the FedEx fleet.
As part of what it’s planning, FedEx would retain 333 existing jobs at its 3855 Airways location. The company will go before the board of the Economic Development Growth Engine (EDGE) Wed., Feb. 15, to seek a 13-year tax freeze related to new manufacturing machinery and equipment and a 6-year tax freeze on real property improvements.
The PILOT would result in a little more than $32 million total new taxes received during the PILOT period and a little more than $14.6 million of abated property taxes.