Access to a strong infrastructure and low-cost utilities is at the top of your wish list, and Memphis offers some of the most competitive resources and rates in the country. The incentives below just take our offerings from better to best.
This discretionary grant is provided to local governments for infrastructure needs for new and expanding companies. TNECD will work with the local officials to identify eligible needs for a project, such as water, sewer, rail, gas, electric, roadway, telecommunications, or other site improvements. FIP funds require local matching funds, and may only be used for infrastructure improvements benefitting a specific company generating net new full-time jobs and capital investment. For onsite improvement, the community must provide a PILOT on the real property investment for at least five (5) years. TNECD is not able to provide incentives prior to the execution and approval of a contract.
Click here for more information about FIP.
Administered by the Tennessee Department of Transportation (TDOT), this grant program provides funding for access roads needed by new or expanding industries. Local governments apply for the grants on behalf of companies. Eligible activities include road design, construction and construction inspection.
Click here for more information on the Industrial Access Road Program.
Memphis Light, Gas and Water (MLGW) will participate in the costs to provide electrical service to general power or industrial customers. Several programs are available to utility customers based on location, capital investment, job creation and energy usage.
Promotes economic development and re-use of MLGW’s existing infrastructure, an additional 50% investment allowance is offered to customers locating in the downtown area and other areas of focus designated by the City of Memphis. The project must be at a location within the downtown area bounded by Chelsea Ave, Danny Thomas Blvd, Crump Blvd and the Mississippi River; or the location must be within the designated boundaries of the areas of focus by the City of Memphis.
Electricity and natural gas are normally taxed at the rate of 7.0%; water is taxed at the combined rate of 9.25%. However, manufacturers may be granted a reduced rate of 1.5% for industrial machinery or a full exemption if the energy fuel or water comes in contact with the product.
The General Manufacturing Credit offers power cost savings to qualifying manufacturers to help retain manufacturing load in the Tennessee Valley. The credits are applied to the electric portion of the utility bill. Availability to electricity customers with usage greater that 1,000KW and who are manufacturers and data centers.
The Investment Credit is an economic development incentive jointly offered by TVA and Memphis Light, Gas and Water. Investment Credit awards are paid as monthly power bill credits to qualifying companies that make a five-year or ten-year commitment to several economic and power system categories. Peak monthly demand of 500kW, creation of 25 jobs or an additional 5MW and no plans to reduce workforce by more than 50%. Application is required and award levels based on level of investment.
Questions? Click here to email Mark Herbison or call 901-543-3516.
Greater Memphis Chamber | 22 North Front Street Suite 200 | Memphis, TN 38103-2100 | 901-543-3500
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