MEMPHIS, Tenn — The EDGE board has announced a special board meeting Nov. 6, to review a 15-year Jobs Payment-In-Lieu-Of-Tax (PILOT) to AAON Inc., as the company considers Memphis as its next location expansion.
AAON is a Tulsa-based manufacturer of air-conditioning and heating equipment. In 2023, the company reported more than $1 billion in sales.
The EDGE board’s PILOT offer will be considered by AAON as they plan for a possible expansion of their facilities in Memphis, which includes $235,500,000 in capital investment and will go toward creating 291 new jobs with an average salary of $57,232, according to EDGE officials.
If Memphis is selected for expansion, AAON plans to acquire a 35.66-acre property at 5106 Tradeport Drive to develop a 787,000 square-foot manufacturing and logistics facility.
EDGE officials project around $29.1 million in local tax revenue will be spent during the PILOT term of this project, alongside a benefit of about $39 million to the applicant, which will include CRC credit.
The EDGE board meeting will be at Junior Achievement of Memphis and the Mid-South at 516 Tillman St. The meeting will be open to the public.
"Building a robust recruitment pipeline requires building strong relationships with new companies and our economic development partners, like the State of Tennessee," Memphis Mayor Paul Young said. "We also believe attracting industry leaders, like AAON, will help our market become even more competitive.”
