City Council votes for economic incentives to bring Amazon headquarters to Memphis
MEMPHIS, Tenn. — Memphis wants Amazon to make the Bluff City its second home.
City Council approved a resolution Tuesday that would offer economic incentives for the company to build its second headquarters in Memphis.
The resolution cited job opportunities — as many as 50,000 full-time employees over the next 10 to 15 years — as well as $5 billion in capital expenditures as ways a headquarters would help Memphis economically.
The Council asked for Amazon to get a payment in lieu of taxes (PILOT) on property in Memphis for 20 to 30 years and asked the city to provide $10 million to improve workforce readiness, public transportation and air transportation.
The Council also wants the city to reimburse Amazon $5,000 per job created during the commencement of operations (with a maximum of $50,000,000 total) after 2,500 net new jobs with an average compensation of $60,000.