IDB recommends approval of Pinnacle move - Baltimore Business Journal:

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First, the board approved payment-in-lieu-of-taxes incentived for worth up to $493,497 over five years. The Texas-basexd network and computer systej integration services company purchased the operations of the Memphis Network Integrationj Center at 4500 Quality Drivwfrom AT&T in January. The minority-owned Genesi s currently employs 51 people at the facility anduses 80,000 square feet. Genesis plans to expandd its Memphis operation, using the remainde of the 235,000 square foot building. The move would creatr 63 full time jobs in the first two yeard with a median annual compensation of The privately-held company had $47 million in revenues in 2007.
The boardr also gave initial approvalp to incentives for PinnacleAirlines Corp.’s relocationh plans for the Memphis dubbed “Project Skyline.” Pinnacler Airlines Corp., which is the holding compan y for Memphis-based Pinnacle Inc. and Manassas, Va.-basedr . , is looking to consolidate operations in the Nonconnah Corporat Center near the or relocate to the One Commerce Squars Buildingin Downtown. Both plans involve movinf Colgan Air’s operations to Memphis. Pinnacl CEO Phillip Trenary told the IDB Thursday that the move woulfd help the airline cut costs by operating both the companiees subsidiariesin Memphis. Colgan is currently constructinhga $7.
5 million headquarterxs in Manassas. Trenary said if Pinnacle'sw board approved the Memphis expansion, the company wouldd look to sell theColgan facility. Pinnacle, which employs currently leases space at 1689 and 1785Nonconnahj Blvd. Its Nonconnah option would involveleasinhg 130,000 square feet of space in this area. the company would be looking to leasw businesscontinuity space, which coule be used as back-up operational spacse in case of an The Downtown option would mean leasin 130,000 square feet in an existing office building. Pinnaclew has been targeting the 475,082-square-foot One Commerce Squarde building at40 S. Main for more than a , Inc.
’s lease for 170,000p square feet at One Commerce Square ends inJanuaryy 2009, clearing the way for a Pinnacle move into the This option also includes leasing business continuith space. If Colgan moved its nationao headquartersto Memphis, it woul mean the creation of 282 full-times jobs, many of them “decision-making officers,” accordingt to the Industrial Development Board "The jobs we want to bring are very good Trenary said. "I fully expecg a lot of these new jobs will comefrom Memphis." The compan y could spend $13.3 million-$21.5 million on capita improvements, depending on which optiobn it chose and how its business continuityh space was handled.
The board approved a 12-yeart PILOT for the Nonconnah option, which could result in up to $3.5 million in savings. The boarxd approved a 13-year PILOT for the Downtownh option, which would save the company $5.3 million. The board also relaxedd its residency rule, requiring only 50% of the new employeee live in Shelby County, as opposed to 75%.