REFERENCES

NON-TRANSPARENT

Agricenter – The Agricenter is a $226M County owned facility that Agricenter International gets free use of while renting facilities out and realizing the rent proceeds for agricultural industrial development. The conservatively assumed subsidy amount is approximately 1% of total facility value or $2.5M per year or $25M over 10 yrs

City of Memphis Riverfront Steering Committee (RSC) – These amounts are included, in part, in the MRPP reference above but pertain to the amount of PUBLIC spend the TSC is responsible for overseeing across the Riverfront: Tom Lee Park $40M, Boat Docks $20M, Cobblestones $11M, Mud Island $10M, Brooks $12.5M and Cossitt $7M. Total $100M. Only minutes to the RSC are below, which supports that the RSC never functioned to oversee Riverfront work.

Epicenter calculated amount based on $4M amount announced by TNECD at the Black Caucus meeting at the NCRM on July 29,2023, while assuming $1M from other public sources x 10 = $50M

Memphis River Parks Partnership (MRPP) – $40M for maintenance for 10yrs, $40M public contribution for Tom Lee Park Renovation. Total $80M

Memphis Shelby Crime Commission (MSCC) will not respond to public information request for their historic audited financials

MLGW has not responded to a public information request regarding benchmarking to support $229M tree trimming contract.

Regional One (R1) – $350M has been budgeted from Shelby County Government for the rebuild of Regional One State is expected to match with $350M plus Shelby County Government further operationally subsidizes Regional One $30M per year. Over 10 yrs. the amount would be $1B.

Shelby County Government – Health Department call center outsource contract was $00,000.

Shelby County Government – University of Memphis sign database involved approximately a $1M potential contract award.

Tennis Memphis gets free use of City of Memphis Tennis courts to offer tennis programming.

SUBSIDIES

Calculation is a percentage of Municipal rates to County tax rates. County subsidies are referenced from the 2022 Shelby County Trustee PILOT report. The calculation multiples the County subsidy x the municipal percentage.

EDGE – Electrolux – See pg. 32 of the financials where $904,731 is due from the City and County. Those amounts are debt service payments for Electrolux. https://comptroller.tn.gov/content/dam/cot/la/advanced-search/2022/industrial-development-board/11941-2022-qg-edge-rpt-cpa16-2-15-23.pdf

Estimate for City/County contracts assumes a 50% participation by the City of Memphis and Shelby County

Estimate for TIFs adds $1.4M to the $8.6M of Memphis Shelby Community Redevelopment TIFs receipts as an estimate for all of the TIFs in Memphis and Shelby County. See page 12 – https://comptroller.tn.gov/content/dam/cot/la/advanced-search/2021/economic-development/11548-2021-qg-cramemphis-rpt-cpa730-8-04-22.pdf

Forgone CNH, Helena Chemical and BASF is based on Agricenter’s John Butler’s Commission testimony on 11/9/22 that BASF has a $40M greenhouse on Agricenter grounds, while also noting that there are no real property records for BASF, CNH or Helena Chemical. Given the $40M figure, the estimated value of forgone property taxes of all 3 entities is $1M.

Forgone parking revenue is based on the award of 1,000 free public parking space for ServiceMaster’s now Terminix relocation downtown. $80x1000x12=$960,000. The $960K is then apportioned per property tax rate of Shelby County and City of Memphis.

Shelby Ann Report is a reference to the 2022 Shelby County Annual Comprehensive Financial Report. On pdg pg 21, report page B-1, the Agricenter asset is valued at $226M. The conservative subsidy estimate to Agricenter is assumed at around 1% of the value or $2.5M per year. See report – https://shelbycountytn.gov/ArchiveCenter/ViewFile/Item/12685

Trustee is the 2022 Shelby County Trustee PILOT Report pdf pg 9. See – https://www.shelbycountytrustee.com/ArchiveCenter/ViewFile/Item/6639