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Collierville OKs tax break for company looking to relocate from Memphis, add new jobs
The Collierville Board of Mayor and Aldermen unanimously approved a tax break for a construction equipment supplier that wants to move its regional headquarters from Whitehaven to Collierville and create new high-paying jobs in the process.
During its Tuesday meeting, the board approved a 15-year retention and expansion payment-in-lieu-of-taxes (PILOT) program for Thompson Machinery Commerce Corp., limiting the real and personal property taxes to 25% of the current tax rate, or an abatement of 75%.
The Collierville Industrial Development Board approved the PILOT during its meeting in April. Additionally, the Shelby County Commission through the Economic Development Growth Engine for Memphis and Shelby County (EDGE) board approved the PILOT application in January, as it relates to Shelby County taxes as well.
In year one, $417,602 in Collierville taxes would be abated, while Thompson Machinery would pay $139,201. Over the 15-year period of the PILOT, Thompson Machinery would pay $2 million in taxes, while $6.2 million in taxes would be abated. In 2023, about $9,000 in Collierville taxes were paid on the land.
Kevin Vaughan, the founder of Township Development Services who is representing Thompson in the relocation and potential site development, told The Commercial Appeal via text Tuesday afternoon that he expects design of the facility and infrastructure to begin within the next six weeks.
John Duncan is the former director of economic development for the Town of Collierville. He now serves as the town’s economic development consultant. Duncan said during the presentation to the board Tuesday that Thompson plans to start construction during the second quarter of 2025.
What are Thompson Machinery’s plans in Collierville?
Thompson Machinery, which is currently located on a 21-acre site southeast of Interstate 240 and Elvis Presley Boulevard, is looking to relocate to a 133-acre parcel of land between U.S. 72, Tennessee 385 and Sycamore Road in Collierville. Duncan said Thompson plans to create infrastructure and roads to its facility.
“What’s going to happen with that, it should encourage other (companies) to want to come to Collierville or come to this area,” Duncan said. “You should think of Thompson as sort of the anchor tenant for that area. An anchor tenant that is going to put in infrastructure and that other 100 acres of available land that should be developed and there should be some motivation for others to come here because of what Thompson is going to do there.”
Thompson also projects the move will increase tax revenue for the town and county. Currently, present tax revenue from the property is less than $3,000 annually split between Collierville and Shelby County.
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Duncan said the $84.8 million capital investment by Thompson would be the largest economic development project in Collierville in more than 20 years. The land and building investment are roughly $48 million, and there is an another $36.8 million in personal property as part of the relocation.
Thompson plans to invest more than $60 million in developing 53 acres of the expansive site, part of which includes the former Cartwright Nursery Company and was in the Shelby County greenbelt system. The company estimates 15,000 people will visit the site annually, according to staff reports.
With development planning underway, Thompson expects more than 200,000 square feet of buildings to be constructed on the new campus that will include space for the regional headquarters, training facility for customers and employees, equipment refurbishment, parts distribution, equipment sales and rental, and site technical services.
How many new jobs will Thompson Machinery bring to Collierville?
Thompson also plans to add 70 new employees by the end of 2027, while paying an average wage of $79,166 a year. It currently has 188 employees at its Memphis location and plans to retain those employees.
There will also be 250 short-term construction jobs on the project, paying an average wage of $44,000 and a total payroll of $11 million.
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Corey Davis is the Collierville and Germantown reporter with The Commercial Appeal. He can be reached at Corey.Davis@commercialappeal.com or 901-293-1610.
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