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Tax break OK’d for Mid-America Apartments

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The Board of Mayor and Aldermen has approved a tax break for Mid-America Apartments to move its corporate headquarters from Memphis to 6797 Poplar Ave. in Germantown.

The company has been granted a 15-year Payment-in-lieu-of-Tax (PILOT), with 75 percent of real and personal property taxes abated.

Mid-America Apartments was formed in Memphis in 1993. The company owns 254 multifamily properties in the southeast and southwest United States.

With a merger in 2013 and a second in 2016, the company has a “total market capitalization” of around $17 billion.

Of the 2,500 total employees, 167 currently work at the Memphis headquarters.

An estimated 219 new jobs will be created at the new 83,265-square-foot headquarters. The average wage will be around $85,128.

“The economic impact, long term, just with the addition of the jobs is what’s exciting,” said Alderman David Klevan. “If they’re going to add 200-plus new jobs with an average wage of $85,000, that’s $17 million a year coming into our community. A good portion of these employees will have an opportunity to live in our community.”

Shelby County Mayor Mark Luttrell supported the PILOT regarding county real and personal property taxes.