By Patrick Lantrip – Friday, February 17, 2017
Medical device company NuVasive Inc. has been approved for an 11-year tax incentive that will allow them to invest $116 million into their southeast Memphis facility and create 15 net new jobs.
The Economic Development Growth Engine board approved the Jobs PILOT (payment-in-lieu-of-taxes) incentive at its Wednesday, Feb. 15, meeting.
San Diego-based NuVasive plans to spend $115 million on new surgical and computer equipment and $700,000 on renovations to its regional office and distribution center at 4670 E. Shelby Drive. The average salary of the 15 new jobs will be $38,000.
“We always get excited about new projects coming to town,” said EDGE board member Larry Jackson. “But I want us to be just as excited when an existing success story wants to expand in Memphis and Shelby County.”
If NuVasive invests an additional $38 million within four years, for a total capital investment of $155 million, the company will receive a one-year extension on its PILOT.