Exciting Times in Memphis: Job Prospects and Tax Breaks on the Table!
Hey, Memphis! Have you heard the news? It looks like our beautiful city is in the running to welcome a huge heating and cooling company from Oklahoma called AAON. They’re eyeing the Mid-South for expansion and, if things go as planned, they could bring nearly 300 jobs to the area. How cool is that?
What’s the Deal with the Tax Breaks?
To sweeten the pot, Memphis is offering a whopping $39 million in tax breaks spread over 15 years. It sounds like a lot, but it might just be what it takes to tip the scales in our favor. As Matthew Shaub, AAON’s global director of project management, puts it: “Those incentives really can differentiate Memphis relative to some of the other candidates.” Pretty neat, right? Memphis is not alone in this; other cities like Kentucky, Ohio, and even Oklahoma are in the running as well, making this a competitive affair.
The Meaning of This Expansion
If AAON decides to set up shop here, they could provide jobs that pay an average salary of $57,232 a year. That’s a significant boost for job seekers in the area! Shaub is definitely feeling the love from Memphis and said, “We’re certainly very appreciative for what Tennessee is bringing to try to help make this work.”
Why Tax Breaks? Are They Really Necessary?
Of course, not everyone is jumping for joy over the tax incentives. Some local taxpayers, like Joe Kent, argue against the necessity of the $39 million tax breaks. He suggests that Memphis is already the most affordable city in the U.S. and proposes a shorter, 10-year incentive instead of 15. Kent believes these funds could be better spent on improving our roads or boosting affordable housing options. That makes sense, doesn’t it?
In a recent meeting of EDGE (Economic Development Growth Engine for Memphis and Shelby County), Joann Massey, the president and CEO, defended the need for incentives. She explained that “if you look at other cities across the nation, they’re also offering various incentives.” So, it seems to be a game where everyone plays to win!
Promises and Accountability
There’s always the looming question: will these companies stick to their promises about job creation? Unfortunately, not every business plays fair. For example, International Paper is currently facing challenges in fulfilling its job commitments while still benefitting from a $57 million tax incentive. That’s no good! When asked about accountability, Massey assured us that EDGE has a compliance team in place that checks in with companies yearly to ensure they’re on track. It’s nice to know they’re keeping an eye out for us!
Weather’s Looking Interesting!
Before we wrap up, let’s not forget about the weather! Today in Memphis, it’s a little partly cloudy with scattered showers possible. Expect temperatures to rise to a comfy 66°F with a gentle breeze from the north at about 5 to 10 mph. Don’t forget that there’s a 40% chance of rain, so you might want to grab that umbrella just in case! Tonight, it should be clear to partly cloudy with a low of around 58°F.
Final Thoughts
So, what do you think about AAON and the proposed tax breaks? Will they prove to be a smart move for Memphis’ economy? While opinions are mixed, the excitement is definitely brewing around the prospect of new jobs and economic growth. We’ll keep you updated as things develop!
