Memphis, Tenn. - New jobs are coming after more than $3 million in tax breaks for a financial services company with EDGE board approval.
Raymond James will move from downtown to east Memphis and will create 100 high paying jobs in the process.
The buildings along Ridgeway Loop and Ridge Lake will be the new home for Raymond James, a financial services company that has a presence in Memphis with about 860 employees.
"Today it's 100 jobs, quite frankly in our minds in a year or two hopefully we're talking about another additional jobs, these are great jobs they pay well, its good benefits and it fits in with this cluster of financial service jobs that we have in the community, it helps the entire group," said Reid Dulberger, EDGE president.
The EDGE board approved $3.2 million in tax breaks for the relocation.
In return, Raymond James will create 100 new jobs with average salary of more than $63,000 per year.
We asked the EDGE president if Memphians would be considered for those high paying jobs.
"They will be recruiting in Memphis, and they'll be recruiting nationally," Dulberger said. "Memphis has had a strong core of financial service jobs."
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There will be a major vacancy downtown once the company moves.
"Downtown is a hot market right now, so I anticipate that as the issues in the building get resolved we won't have issues filling out the space," Dulberger said.
The EDGE board says the move is $23 million investment.
The tax breaks will last for eight years.
In a recent lawsuit, Raymond James complained about the condition of the building.
"We know Raymond James is not abandoning downtown Memphis because of this building," states Jacob Sofer, the owner of 50 North Front Street TN LLC in a statement to FOX13.
"The building condition has only been on an upward trajectory since we took it over in 2015 and is in far better condition now than when Raymond James signed their current 10-year lease with the previous owner."
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