EDGE PILOT Recipients Exceed Minority Spending Requirements; Vinyl Record Manufacturer Receives PILOT Approval
Memphis is known for its rich musical history, and the beat continues as a record pressing facility’s makes expansion plans in the city. EDGE also shared its PILOT Portfolio Performance Summary and 2011-2020 Diversity Portfolio with Board members and attendees.
Memphis Record Pressing is a full-service manufacturer of vinyl records and record packaging. Bartlett is home to Memphis Record Pressing’s headquarters where 137 people work in manufacturing and distribution. Founded in 2014 as a Mississippi Limited Liability Company, the business now produces more than four million units a year. Two neighboring buildings give the company approximately 45,000 square feet of operational space. As vinyl record production reaches a high, Memphis Record Pressing is considered a major player in the record production industry.
Memphis Record Pressing was approved for a 10-year Fast Track Jobs PILOT. The PILOT will help the company launch a new logistics in Memphis, while its Bartlett manufacturing facility will also expand. One hundred eleven net new jobs will be created Memphis. When the expansion is complete, Memphis Record Pressing will be the largest manufacturer of vinyl records in North America.
EDGE also released its 2020 PILOT Portfolio Performance Summary, which compares PILOT recipient commitment numbers to their achieved rate. In 2020, PILOT recipients continued overperforming commitments in all categories. Spending with Minority and Women-Owned Business Enterprises (MWBE) and Locally-Owned Small Business (LOSB) was more than twice the amount committed. The EDGE PILOT Portfolio Performance Summary can be downloaded HERE.
Numbers for the 2011-2020 Diversity Portfolio are now available as well. From 2011-2020, the Diversity Portfolio outperformed commitments by $146 million. More than $342 million in spending with MWBE/LOSBs was projected during the nine-year span. The actual spend was more than $489 million. For more information, The EDGE PILOT Diversity Portfolio can be downloaded HERE.