EDGE BOARD APPROVES 4 KEY PROJECTS INCLUDING EXPANSION OF LOCALLY OWNED COMPANY IN FRAYSER
Memphis, Tenn. (May 19, 2021) – Health and Beauty industry leader, Ampro Industries, LLC. was among 4 key projects that received assistance today from EDGE. Others included helping a local partnership to purchase and restore a highly visible community shopping center on Summer Avenue, encouraging Walgreens to create a 200-job pharmaceutical micro-fulfillment center, and the final bond resolution for EDGE's portion of Mayor Jim Strickland’s Accelerate Memphis project.
Founded in Memphis in 1947, Ampro received approval for a 4-year Jobs PILOT in May of 2020 to encourage the firm to Invest $6 million In additional machinery & equipment to grow their product offerings, In the process adding 15 new jobs in the Frayser neighborhood. The amendment approved today will encourage Ampro to acquire an adjacent 220,514 square foot long-vacant warehouse. Ampro also plans to build a connector linking the two facilities and add additional machinery & equipment and jobs. The expanded project will generate 36 net new jobs and a $30 million investment, including $4,000,000 for the building purchase, $15,000,000 for construction and renovations, and $11,000,000 for new manufacturing equipment.
“The acquisition and renovation of the property adjacent to our long-standing facility is an exciting expansion for Ampro.” Jonathan Rudner, Ampro CEO stated. “We are committed to growth within Frayser and will be able to provide 36 new jobs for the community.”
Ampro has more than 100 distribution partners shipping to retailers around the world including Walmart, Kroger, Walgreens, and CVS. The new property currently produces $55,388 in City of Memphis and Shelby County property taxes annually. Estimated annual property taxes will average $174,843 during the PILOT term and $598,520 after. It is projected that $2.3 million in total local tax revenues will be received during the PILOT term.
“Ampro is a long-standing business in our community and this expansion of their original Jobs PILOT significantly increases the economic impact of this project. We are always excited to see projects that have investment of this level in core neighborhoods like Frayser,” said Reid Dulberger, President of EDGE.
The Heights General Partnership received a 15-year Community Builder PILOT for a commercial renovation project at the intersection of Summer and National. This site is a priority Accelerate Anchor in the Memphis 3.0 Comprehensive Plan and will focus on the revitalization of a 564,000 sq. ft. community shopping center located at 3393 Summer Avenue. Supported by the Heights Community Development Corporation and the Summer Avenue Merchant’s Association, the total investment of just over $2.7 million will address not only façade improvements, but the roof, mechanical system upgrades, landscaping, and more.
EDGE also gave approval to Walgreen Co. for a 10-year Fast Track PILOT to encourage the company to launch a 103,000 sq. ft. pharmaceutical micro-fulfillment facility in Memphis. This $30 million project will create 200 net new jobs with an average wage of $41,035 at 3299 Tchulatech, in a new speculative industrial building. Founded in 1901, Walgreen Co. is the second largest pharmacy chain in the United States. This facility will transform its product delivery model to lower costs related to filling customer orders, improving the customer experience, and expanding delivery services. This model is expected to increase the speed packages go to stores, to lockers for pick-up and directly to customer homes.
The EDGE Board of Directors also approved the final bond inducement for $29 million to support the Accelerate Memphis initiative.