Aug. 05--Tax incentives have become common for big companies expanding in Memphis.
PILOT property tax break applications rose in the 2000s. Today, more than 400 separate tax deals have been approved to spur jobs and investment, according to a city Treasurer's office report.
Now, one of the city's largest tourist draws plans to tap another source -- sales tax revenue.
Elvis Presley Enterprises Inc. has proposed building a 450-room hotel by using future tax revenue on sales at Graceland to pay off an estimated $40 million worth of construction loans.
Presley Enterprises, a business which owns the Elvis brand, is scheduled to outline the tax plan at 12:30 p.m. Tuesday before the Memphis City Council economic development and tourism committee.
Just where would the Presley Enterprises tax incentives stack up compared to the controversial PILOT property tax breaks?
Far down the list.
The 20 largest PILOTs in place in the city in 2013 saved about $13 million in taxes for companies. The saving are for the city's portion only and would be larger if the Shelby County portion were included.
Taxes are paid because the tax savings diminish over time and companies make an annual fee payment. PILOT stands for payment in lieu of taxes.
Here are the largest Memphis PILOTs:
Company Taxes// saved //Taxes paid
FedEx// $3,246,000// $72,484
Jabil// $1,940,800// $166,960
Smith & Nephew// $1,604,000// $206,000
Nike// $810,300// $6,200
The Peabody// $625,700// $278,600
Nucor// $578,400// $100
Riviana// $467,000// $21,200
Thomson// $455,000// $7,500
Uptown Square// $451,000// $3,700
Int'l Paper// $435,500// $521,100
JPI Apts.// $422,900// $49
KTG// $354,600// $34,800
Medtronic// $353,500// $66,700
Medical Center Assn.// $275,000// $204,500
Technicolor// $265,569// $37,600
Crowne Plaza// $258,700// $89,700
AutoZone// $234,600// $117,600
Grand Island// $226,800// $32,200
Bristol Park// $222,400// $10,515
Grove-Mud Isl.// $216,500// $9,300
Source: City of Memphis Treasurer's office
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