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 applications for Pacific PaperProducts Inc. to open a new manufacturiny facility in Southeast Memphis andfor (NYSE: PFE) to expand its accounting offices in East Memphis by 130 First, the board gave a four-yeart tax abatement to Pacific Paper, a Wash.-based paper products manufacturer. The company pland to lease 85,000 square feet at 5300 Hickorh Hill Road and employ 43 people with a median income of including benefits. Pacific Paper was about to sign a leasr in DeSoto County but heard aboutf changes to the Memphis and Shelby County PILOT program, according to the company’s Stewart Austin at .
In April, the IDB officialluy approved significant changes to thePILOTy program, including the removal of a 75 percent residency requiremen and an extraneous IDB evaluation committee, among other changes. This PILOg will save Pacific Paper $41,320 over four years. In addition to employment, the companyg will provide a total capital investmentof $6.1 The IDB board also approved a 15-year PILOT for New York City-baser Pfizer to expand at Lenoxz Office Park. The company's expansion graded out to 13 but the board gave Pfizer two additionalp years of PILOT benefits due to the strengthh of itsdiversity program.
The global health care companuy currently employs 305 people at its Globalp Financial Shared Servicesdivision (GFSS) in Lenox Park Building G. Pfize is merging with fellow biopharmaceutical compantWyeth (NYE: WYE), which would mean more accountiny jobs for this location. The merger is expected to be completed by the end of the GFSS currentlyhandles Pfizer’s accounting operations in North America and Lati n America.
As a result of that and the merger, it is lookin g to add 130 new jobs with a median wageof $97,759 The company is also considering expansion into markets where Wyeth has offices or in markets with a wealth of Spanish-speakingh talent, such as Texas, to servicw its Latin American business. Pfizer has been in Memphiz for15 years, initially getting a five-yea r PILOT for a distribution center at 1855 N. Shelby Oaks which it initially leased but thenlatetr bought. In 1997, the company moverd its North American Shareed Services accounting divisionto Memphis, changing the name to GFSS in 2002 as a resul of adding the Latin American business.