VOL. 6 | NO. 42 | Saturday, October 12, 2013
NovaCopy Seeks Tax Freeze to Expand
By Amos Maki
Nashville-based NovaCopy is seeking a tax freeze to expand to a larger building and hire 30 new employees.
The paper and copier supplies company plans to leave its location at Shelby Oaks to build a $4.8 million, 33,000-square-foot facility near Appling Farms and Whitten Roads in Memphis, the company said in application to the Economic Development Growth Engine of Memphis and Shelby County.
The EDGE board will meet Wednesday, Oct. 16, to vote on the company’s request for a payment-in-lieu-of-taxes (PILOT) freeze.
NovaCopy said its current facility could not accommodate the company’s growing workforce and 3D printing business.
The project would save the company $402,959 in taxes over the four-year PILOT term while creating $580,776 in new tax revenue for the city and county
The average wages for the 30 new jobs is estimated to be $44,133.
NovaCopy has been in growth mode, acquiring two businesses over the past year, one in Jackson, Tenn., and another in Missouri. NovaCopy also has operations in Chattanooga, Knoxville and Dallas. The company also is discussing a new acquisition in Little Rock.
“If NovaCopy chooses the Jackson or Little Rock location, it will still remain active in Memphis, but instead of doubling its space it will reduce it by 50 percent,” the company said in the PILOT application. “Employment in Memphis would decrease from 50 to approximately 35, as regional headquarters would shift to the Jackson site.”