Project Summary. Jobs PILOT. Capital Investment: $ Jobs: 15. Annual Average Wage: $ PILOT Length: (years) 7. Tax Incentive: $ Local Tax Benefit: $

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1 Jobs PILOT Project Summary Company/Applicant: Capital Investment: $ 9,602,700 Jobs: 15 Annual Average Wage: $ 56,667 PILOT Length: (years) 7 Tax Incentive: $ 692,253 Local Tax Benefit: $ 788,868 Benefit/Cost Ratio: /09/2017 1

2 City of Memphis, Shelby County, TN Tax Incentive Eligibility Analysis Category Project Data Points Job Creation Wages* $56, Capital Investment $9,602, Location: City of Memphis - 10 Points Yes 10.0 Location: New Market Tax Credit Eligible census tract - 20 Points Yes 20.0 MWBE - 10 Points No 0.0 Headquarters - 20 Points No 0.0 Local Business Participation Plan - 10 Points Up to 20 additional points for exceptional plans Yes 10.0 Total 77 Length of tax incentive: (years) 7 *Wages Calculation Target Wages $ 38,000 Project Wages $ 56,667 Meets Target Wage? Yes,10 Points; No, Zero Points 10 Extra Points: 1 Points for Each Additional $1,000 above target 18.7 Total Points /09/2017 2

3 City of Memphis, Shelby County, TN Economic Impact and Benefit/Cost Analysis Annual Impact of Operations Employment, Direct (full-time equivalent jobs) 15 Wages & Benefits, Direct $ 1,062,506 Employment Multiplier Total Employment 36 Employment, Indirect 21 Shelby County Annual Average Wage 2 $ 53,289 Wages, Indirect $ 1,119,069 Total Wages $ 2,181,575 Sales Tax Revenue 3 $ 24,494 Other Tax Revenue 4 $ 7,495 Residential/Commercial Property Tax Revenue 5 $ 32,415 Total Tax Revenue $ 64,404 11/09/2017 3

4 City of Memphis, Shelby County, TN Economic Impact and Benefit/Cost Analysis One Time Expansion Impact Total Capital Investment $ 9,602,700 Building - Real Property (improvements) $ 5,176,357 Economic Impact Multiplier Economic Impact $ 9,350,571 Equipment Purchase/Set-up - Personal Property $ 4,426,343 Economic Impact Multiplier Economic Impact $ 7,569,047 Total Economic Impact $ 16,919,618 Sales Tax Revenue 3 $ 82,151 Other Tax Revenue 4 $ 25,138 Total Tax Revenue $ 107,289 11/09/2017 4

5 Shelby County Tax Schedule Shelby County Tax Rate: $4.11 Full Taxes Real Property % of taxes paid Taxes Paid after Abatement Taxes Abated Value $ 2,763,265 Year 1 $ 45,428 25% $ 11,357 $ 34,071 Year 2 $ 45,428 25% $ 11,357 $ 34,071 Year 3 $ 45,428 25% $ 11,357 $ 34,071 Year 4 $ 45,428 25% $ 11,357 $ 34,071 Year 5 $ 45,428 25% $ 11,357 $ 34,071 Year 6 $ 45,428 25% $ 11,357 $ 34,071 Year 7 $ 45,428 25% $ 11,357 $ 34,071 Year 8 25% $ - $ - Year 9 25% $ - $ - Year 10 25% $ - $ - Year 11 25% $ - $ - Year 12 25% $ - $ - Year 13 25% $ - $ - Year 14 25% $ - $ - Year 15 25% $ - $ - Total $ 317,996 $ 79,499 $ 238,497 11/09/2017 5

6 City of Memphis Tax Schedule City of Memphis Tax Rate: $ Full Taxes Value $ 2,763,265 Real Property % of taxes paid Taxes Paid after Abatement Taxes Abated Year 1 $ 36,160 25% $ 9,040 $ 27,120 Year 2 $ 36,160 25% $ 9,040 $ 27,120 Year 3 $ 36,160 25% $ 9,040 $ 27,120 Year 4 $ 36,160 25% $ 9,040 $ 27,120 Year 5 $ 36,160 25% $ 9,040 $ 27,120 Year 6 $ 36,160 25% $ 9,040 $ 27,120 Year 7 $ 36,160 25% $ 9,040 $ 27,120 Year 8 25% $ - $ - Year 9 25% $ - $ - Year 10 25% $ - $ - Year 11 25% $ - $ - Year 12 25% $ - $ - Year 13 25% $ - $ - Year 14 25% $ - $ - Year 15 25% $ - $ - Total $ 253,120 $ 63,280 $ 189,840 Total Real Property Taxes Abated: $ 428,337 Payments Made in Lieu of Taxes: $ 142,779 11/09/2017 6

7 Shelby County Tax Schedule Shelby County Tax Rate: $4.11 Full Taxes Personal Property - All Categories Depreciation Rate % of taxes paid Taxes Paid after Abatement Taxes Abated Value $ 4,426,343 Year 1 $ 48, % $ 12,007 $ 36,021 Year 2 $ 40, % $ 10,233 $ 30,700 Year 3 $ 34, % $ 8,596 $ 25,787 Year 4 $ 27, % $ 6,822 $ 20,466 Year 5 $ 20, % $ 5,185 $ 15,554 Year 6 $ 13, % $ 3,411 $ 10,233 Year 7 $ 10, % $ 2,729 $ 8,186 Year % $ - $ - Year % $ - $ - Year % $ - $ - Year % $ - $ - Year % $ - $ - Year % $ - $ - Year % $ - $ - Year % $ - $ - Total $ 195,930 $ 48,983 $ 146,947 11/09/2017 7

8 City of Memphis Tax Schedule City of Memphis Tax Rate: $ Full Taxes Value $ 4,426,343 Personal Property - All Categories Depreciation Rate % of taxes paid Taxes Paid after Abatement Taxes Abated Year 1 $ 38, % $ 9,557 $ 28,672 Year 2 $ 32, % $ 8,146 $ 24,436 Year 3 $ 27, % $ 6,842 $ 20,527 Year 4 $ 21, % $ 5,430 $ 16,291 Year 5 $ 16, % $ 4,127 $ 12,381 Year 6 $ 10, % $ 2,715 $ 8,146 Year 7 $ 8, % $ 2,172 $ 6,516 Year % $ - $ - Year % $ - $ - Year % $ - $ - Year % $ - $ - Year % $ - $ - Year % $ - $ - Year % $ - $ - Year % $ - $ - Total $ 155,958 $ 38,989 $ 116,969 Total Personal Property Taxes Abated: $ 263,916 Payments Made in Lieu of Taxes: $ 87,972 For the purpose of this analysis all personal property is included into one group using a standard depreciation table. 11/09/2017 8

9 City of Memphis, Shelby County, Tennessee Economic Impact and Benefit/Cost Analysis Payback Summary Length of PILOT (years) 7 Total Taxes Forgone $ 692,253 Hard Costs $ - Total Taxes Forgone and Hard Costs $ 692,253 Tax Revenues From Construction $ 107,289 Tax Revenues From Operations During PILOT Period $ 450,828 Property Tax Revenues Received During PILOT Period $ 230,751 Total Tax Revenues Received During PILOT Period $ 788,868 Benefit/Cost Ratio 1.14 Projected Costs: Hard Costs (land, infrastructure, etc.) None. Opportunity Costs Local government is requested to forgo for a period of years the opportunity to collect taxes on site improvement, building, and industrial equipment that are a part of the project. Benefit/Cost Ratio: The sum of tax revenues from construction, operations and property during the PILOT period divided by the total taxes forgone. 11/09/2017 9

10 City of Memphis, Shelby County, Tennessee Estimated Fees Application Fee (Graduated Scale) $ 3,000 Closing Fees (5% of Total Taxes Forgone) (Maximum of $300,000) (Less Application Fee) City of Memphis Personal Property Fees for PILOT (5% of Taxes Abated) (Maximum $50,000) Shelby County Personal Property Fees for PILOT (5% of Taxes Abated) (Maximum $50,000) $ $ $ 31,613 5,848 7,347 Total Fees $ 47,808 11/09/

Jobs PILOT Analysis. Project Summary. Jobs: 66. Annual Average Wage: $ Recommended PILOT Length: (years) 12. Benefit/Cost Ratio: 0.

Jobs PILOT Analysis. Project Summary. Jobs: 66. Annual Average Wage: $ Recommended PILOT Length: (years) 12. Benefit/Cost Ratio: 0. Jobs PILOT Analysis Project Summary Company/Applicant: Capital Investment: $ 120,000,000 Jobs: 66 Annual Average Wage: $ 62,955 Recommended PILOT Length: (years) 12 Tax Incentive: $ 26,584,760 Local Tax