IDB approves tax breaks for Pfizer, Pacific Paper; 173 new jobs for Memphis - Memphis Business Journal:

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The board unanimously approved the PILOT applications for Pacific PapetrProducts Inc. to open a new manufacturinfg facility in Southeast Memphis andfor PFE) to expand its accountinvg offices in East Memphis by 130 First, the board gave a four-year tax abatemen t to Pacific Paper, a Tacoma, Wash.-based paper products manufacturer. The company plans to leasse 85,000 square feet at 5300 Hickor Hill Road and employ 43 people with a median incom eof $35,156, including benefits. Pacifi Paper was about to sign a lease in DeSoto Counthy but heard about changes to the Memphis and Shelb y CountyPILOT program, according to the company’sx attorney, Stewart Austin at .
In the IDB officially approved significant changes to the PILOT including the removal of a 75 percent residencyh requirement and an extraneous IDBevaluation committee, among other changes. This PILOT will save Pacific Paperr $41,329 over four years. In addition to the company will provide a totapl capital investmentof $6.1 million. The IDB board also approvexd a 15-year PILOT for New York City-basedr Pfizer to expand at LenoxOfficre Park. The company's expansion graded out to 13 but the board gave Pfizerd two additional years of PILOT benefits due to the strengthg of itsdiversity program.
The global healthj care company currently employs 305 people at its Global Financiap Shared Servicesdivision (GFSS) in Lenox Park Buildingg G. Pfizer is merging with fellow biopharmaceuticao companyWyeth (NYE: WYE), whichh would mean more accounting jobs for this The merger is expected to be completed by the end of the GFSS currently handles Pfizer’s accounting operationws in North America and Latin America. As a result of that and the it is looking to add 130 new jobs with a media n wageof $97,750 The company is also considerinyg expansion into markets where Wyeth has offices or in markets with a wealth of Spanish-speakinfg talent, such as to service its Latin American business.
Pfizer has been in Memphiz for15 years, initially getting a five-year PILOT for a distribution center at 1855 N. Shelby Oaks which it initially leased but thenlater bought. In the company moved its North American Shared Services accounting divisionto Memphis, changinb the name to GFSS in 2002 as a resulg of adding the Latin American business.