MEMPHIS, Tenn. (AP) - Officials say the owner of the building where FedEx Logistics is establishing its new headquarters in Memphis, Tennessee, is receiving a tax incentive and grants as part of the deal.
The Commercial Appeal reports that a payment-in-lieu-of-taxes incentive and $3 million in grants from economic development agencies in Memphis and Shelby County have been approved for Somera Road.
The New-York based investment firm owns the former Gibson Guitar factory in downtown Memphis. FedEx Logistics said Tuesday that the building will be its new headquarters, bringing about 680 jobs to the downtown area.
The newspaper reports Somera Road is receiving an extension of an existing tax break that allows it to save about 75 percent of its property tax obligation. Officials say so called “clawback” provisions are included in the package.
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Information from: The Commercial Appeal, http://www.commercialappeal.com
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