California-Based Dental Labs Company Would Continue Memphis' Medical Device Industry Growth and Revitalize Area Near Airport
Memphis, Tenn. (December 16, 2020) – A California-based company is looking to expand its reach and production capability, possibly in Memphis. The move would be yet another step in continuing to grow and diversify the medical device industry in Memphis.
The proposed Memphis facility for Crown World, Inc., which creates dental crowns, bridges and more, would also help to revitalize a strip of Airways Boulevard that has seen decline, moving into a highly-visible building there that has been vacant for 10 years.
Crown World currently has two locations in California and Kentucky focused on production and distribution. The company is evaluating locations for a new facility near major air-transportation hubs.
EDGE provided Crown World with a 10-year Fast Track PILOT to encourage the company to invest more than $2.7 million to purchase and renovate 2990 Airways and create 25 new jobs with an average wage of more than $32,000.
The proposed facility would be able to accommodate shipping and receiving, along with dental labs, production and a call center. The location also leaves plenty of room for future expansion with room for more than 150 employees if the company continues to grow as expected.
2990 Airways only produces $9,130 today in City of Memphis and Shelby County property taxes. Estimated annual property taxes would average $25,968 during the PILOT term and $51,826 after. EDGE projects $1,129,755 in total local tax revenues to be received during the PILOT and a $423,880 benefit to Crown World.
- 10-Year Fast Track PILOT
- 25 New Jobs with An Average Salary Of $32,205 with potential to grow
- $2,750,000 Investment
- $1,129,755 in Total Local Tax Revenue
- $401,082 in Spending with Minority/Women-Owned Businesses