The Economic Development Growth Engine (EDGE) Board of Directors approved a twelve-year Payment-In-Lieu-of-Tax (PILOT) project for NouriTech, Inc. located on Presidents Island.
For the terms of the PILOT, NouriTech, Inc., will invest a total of $120 million in capital investments, create 66 new jobs with an average annual salary of $62,955 excluding benefits, and spend more than $25 million with City of Memphis-certified minority and women business enterprises (MWBEs) and Shelby County-certified locally owned small businesses (LOSBs). An estimated $14 million in local tax revenues will be collected across the PILOT term. Prior to the PILOT, the property taxes collected on the parcel totaled $107,043 per year. After the PILOT term expires, the property taxes collected on the parcel will total $2.9 million.
NouriTech, Inc., a joint venture between Calysta, Inc. and Cargill, Inc., is an innovator in sustainable products designed to improve worldwide food security. Calysta Inc. develops and commercializes FeedKind® protein, a sustainable, traceable alternative feed ingredient for fish, livestock, and pet nutritional products. The product was invented by a Norwegian oil and gas company and enjoys widespread use as feed for farmed salmon in Norway. The facility will convert and utilize methane to produce FeedKind®. Once built, the Presidents Island facility will be the world’s largest gas fermentation facility and will serve as the manufacturing, production, and distribution site for this innovative and new commodity.
“This is an opportunity to reactivate a unique property which will, in turn, create 66 new jobs paying more than $60,000 a year, and secure strong partners for future development in Memphis and Shelby County,” said Reid Dulberger, President/CEO, EDGE.