C’ville lures Strike King with PILOT incentive

Hope to keep fishing firm from pursuing other offers

A key Collierville board is recommending approval of a 10-year payment-in-lieu- of-taxes benefit to Strike King, a fishing lure manufacturer that was set to move out of town.

The company, whose internation- al headquarters, corporate offices and distribution services are in Collierville, said in a letter to the city’s industrial development board that it had been looking for another location to build or buy rather than lease.

Using the current property tax rate, the town would forego $106,000 in the 10-year period, according to the assistant to the Collierville town administrator.

The PILOT represents a 75 percent saving for the company, which will continue to pay 25 percent of its assessed taxes.

Strike King was offered PILOT incentives for a 32acre tract in Rossville next to the Norfolk Southern Intermodal Railway facility. Strike King also had offers from northern Mississippi and the Fayette County city of Piperton, Allan Ranson, chief operating officer, said in a letter to the board.

Another option for the company was to purchase the 58,500-square - foot building it leases at 466 Washington in Collierville.

“We knew Strike King was looking to go somewhere else and we wanted them to stay here,” said Collierville Mayor Stan Joyner. “We had to explore ways to keep them here so that was why we developed this program.”

Strike King has operated in Shelby County for 45 years, 26 of those in Collierville.

The city’s industrial development

board recommended approval of the 10-year property tax freeze Wednesday, and the Collierville Board of Mayor and Aldermen is expected to approve it later this month.

Like other cities, Collierville is looking for alternatives to keep companies from relocating to other cities using financial savings as incentives.

PILOTS have traditionally been offered to companies as an incentive to move into a city.

“We also need to focus on keeping what we have, too,” Joyner said. “In this economic climate, it’s important to look at new business but keep our current ones here.”

Strike King is the largest producer in the world of spinnerbaits, buzzbaits and jigs, all used by fishermen. The company employs 50 full-time employees and up to 95 for seasonal jobs. — Cindy Wolff: (901) 529-2378