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EDGE, or Economic Development Growth Engine for Memphis and Shelby County, says its staff members estimated annual property taxes will average $128,501 during the PILOT term and $384,043 after. Staff projects $11,936,024 in total local tax revenues to be received during the PILOT term of this project and a $3,602,761 benefit to the Applicant.
The tax cut would last for 10 years and then revert to the normal taxation.
According to the application, the mini-fulfillment model to be used by the new facility is expected to increase the speed packages go to stores, to lockers for pick-up and directly to customer homes. In addition to the established logistics network serving stores, Walgreens will partner with FedEx and UPS, as well as companies such as Uber and Doordash for direct-to-consumer shipping. The applicant evaluated locations throughout the Central United States before targeting Memphis for this project.