The new facility will be located at 7807 Interstate 40, Memphis, Tennessee, 38018.
The average annual salary of the new employees will be $41,011.
The Applicant will invest $64,269,000 in real and personal property, start-up inventory and fees and soft costs.
The PILOT Sponsor (fee owner) is Investment Properties, LLC.
In addition, IKEA is requesting approval of an Environmental Commitment Plan, focusing on renewable energy (on-site solar array), ridesharing, and water conservation. If successful, the Environmental Commitment Plan would add one year to the PILOT term.
The project is projected to create more than $17.5 million in new local tax revenue for Memphis and Shelby County and has a benefit/cost ratio of $1.64 of new tax revenue for every $1.00 of taxes abated.
The Applicant will be located on a 34.57 acre parcel of unimproved land located near the Southwest corner of the intersection of Interstate 40 and Germantown Parkway, Memphis, Tennessee.
IKEA is a privately-held Swedish home furnishings company founded in 1943 with more than 360 stores in 46 countries. In 2013, IKEA had over 716 million store visitors, catalog distribution to more than 212 million people worldwide in 29 languages, and 1.5 billion online visitors. With US headquarters in Conshohocken, PA, it operates 40 stores in the US with $4.37 billion in sales. There is currently no IKEA presence in Tennessee, Mississippi, Alabama, Louisiana, Arkansas, or Kentucky.