VOL. 132 | NO. 184 | Friday, September 15, 2017
Canadian Elevator Company Seeks PILOT For Hickory Hill Plant
By Bill Dries
A Canadian elevator company has a contract with a “Tennessee area” machine manufacturer for $500,000 and as a result wants to build a manufacturing plant in Hickory Hill as it expands its U.S. customer base.
AVT Beckett Elevators USA Inc. is seeking a 10-year “Fast Track” tax abatement from the Economic Development Growth Engine. The EDGE board will consider the the project at its Wednesday, Sept. 20, meeting.
In its application for the payment-in-lieu-of-taxes application, AVT says it will lease 100,000 square feet at 4949 E. Raines Road.
The contract with the unnamed machine manufacturer is “thus helping cement the idea that it is time to copy our successful business plan that we started in 2007 and start AVT Beckett Elevators USA,” according to the PILOT application from the Ontario-based company.
The AVT operation would employ 25 people making an average annual base pay of $35,992 – $43,190 with benefits included.
The new plant in the leased space would be a $3.5 million capital investment by the company, with $3 million of that being equipment costs.
Over the decade of the Fast Track PILOT, $477,211 in city and county property taxes would be abated and AVT would pay $1.2 million in taxes.
Also on the EDGE agenda Wednesday is a $110 million bond refinancing proposal for Graceland's recent expansion. "The project will refinance indebtedness incurred to finance the expansion of these activities and finance certain expenses and cost previously incurred herewith," the application by Graceland to EDGE reads.
Graceland has opened the new Guest House at Graceland resort-hotel and the Elvis Presley's Memphis entertainment complex since October, both projects totaling $137 million. And Graceland has a $50-million concert venue planned for its 120-acre campus.