Memphis, TN, October 19, 2006--The Memphis and Shelby County Industrial Development Board approved two options for a payment-in-lieu-of-tax arrangement if ServiceMaster relocates its world headquarters to Memphis, according to the Memphis Business Journal.
The Chicago-based company is considering two options for a Memphis headquarters: Relocating its executive offices to Ridgelake Center, where ServiceMaster currently has a large operation, or building an office campus somewhere in the Memphis reserve area.
Capital investment for a Ridgelake relocation would be approximately $12 million, while the "greenfields" campus building proposal would represent $122 million in investment in Memphis.
ServiceMaster president and CFO Ernest Mrozek said the company is in the process of a very thorough evaluation of whether or not to move the entire operation to Memphis.
"We will complete the evaluation by the end of October," he said Wednesday.
ServiceMaster currently employs more than 2,400 people in the Memphis area, and the headquarters relocation would bring some 500 new jobs to the city.
The IDB approved a 12-year PILOT for the Ridgelake option and a 15-year PILOT if the company elects to build its own campus.
Details in Wednesday's meeting suggest that ServiceMaster would construct four 150,000-square-foot office buildings on a greenfields project.
