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 application s for Pacific PaperProducts Inc. to open a new manufacturingb facility in Southeast Memphis andfor PFE) to expand its accounting offices in East Memphias by 130 employees. First, the board gave a four-year tax abatementf to Pacific Paper, a Tacoma, Wash.-based paper products manufacturer. The companhy plans to lease 85,000 squarse feet at 5300 Hickory Hill Road and emplog 43 people with a median income of including benefits. Pacific Paper was about to sign a leasew in DeSoto County but heard about changes to the Memphis and Shelbhy CountyPILOT program, according to the company’es attorney, Stewart Austin at .
In the IDB officially approved significant changes to thePILOy program, including the removal of a 75 percent residenchy requirement and an extraneous IDB evaluation among other changes. This PILOT will save Pacificv Paper $41,329 over four years. In additiob to employment, the companuy will provide a total capitalk investmentof $6.1 The IDB board also approved a 15-yearr PILOT for New York City-based Pfizer to expand at Lenox Offics Park. The company's expansion graded out to 13 but the board gave Pfizer two additional yearw of PILOT benefits due to the strength of itsdiversituy program.
The global health care company currentlyy employs 305 people at its Global Financial Shared Servicesdivisio (GFSS) in Lenox Park Building G. Pfizer is merging with felloqw biopharmaceutical companyWyeth (NYE: WYE), whicb 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 operations in Nortu America and Latin As a result of that and the merger, it is lookinhg to add 130 new jobs with a median wage of $97,750 The company is also considering expansion into marketw where Wyeth has offices or in marketas with a wealth of Spanish-speaking talent, such as to service its Latin Americanh business.
Pfizer has been in Memphis for 15 initially gettinga five-year PILOT for a distributiob center at 1855 N. Shelbgy Oaks Drive, which it initially leased but then later In 1997, the company moved its North Americah Shared Services accounting division to Memphis, changing the name to GFSS in 2002 as a resulr of adding the Latin American