The Economic Development Growth Engine for Memphis and Shelby County board approved a $9 million, 11-year payment-in-lieu-of-taxes incentive for San Diego-based NuVasive to create new jobs in the area, The Commercial Appeal reports.
The PILOT incentive reduces property-related taxes paid to the government. The Economic Development Growth Engine is focused on expanding economic and development programs in Memphis, Tenn., and Shelby County.
Here are five things to know:
1. NuVasive has a regional office in Memphis, which sterilizes and redistributes the company's spinal surgery kits to hospital and surgery centers.
2. The company will add 15 jobs — in the areas of operations, distribution coordination and quality control inspection — at the regional center.
3. NuVasive will also invest $116 million in the Memphis regional office and distribution center.
4. Of the total investment, $700,000 will go toward facility renovation.
5. The additional investment will go toward equipment, computers and tools, among other areas.