Cooking appliance maker Electrolux has been approved for a 15-year tax freeze – or a $38.7 million savings for the company – in exchange for building a manufacturing center in Memphis, various Memphis news outlets have reported.
The Commercial Appeal says that the tax break is part of a $137 million incentive package from the city, county and state:
The (Memphis-Shelby County Industrial Development Board) ratified a site location and development agreement under which the governments will assist Electrolux in developing a 700,000-square-foot factory in Frank C. Pidgeon Industrial Park in southwest Memphis.
The vote was the first in a fast-track approval process designed to meet Electrolux’s deadline for a done deal by Jan. 31. The City Council and County Commission will vote later on a pair of $20 million contributions to go along with a $97 million state grant.
The company has said it will build ranges, ovens and cooktops at the new plant, which will reportedly employ 1,240 people in jobs with an average salary of about $30,500.