The Burlington Northern and Santa Fe Railway Company (BNSF) announced a plan to expand its Tennessee Yard, an intermodal facility in Memphis, located at Shelby Drive and Lamar Avenue.

BNSF's expansion project represents a $40 million capital investment and will create about 150 new jobs over the next few years. "This cooperative agreement with the City of Memphis and Shelby County is a critical step that will enable BNSF to successfully meet our projected growth demands for container traffic," said Fritz Draper, vice president, Business Development. "As a result, we anticipate doubling our capacity to 400,000 container lifts within the next five years, and we also will have the capacity to meet future expansion needs."

The Memphis Industrial Development Board of Memphis and Shelby County granted tax freezes to BNSF ranging from nine to 13 years, dependent on the company's level of operating performance. For the nine-year tax freeze, the company must achieve 400,000 lifts and create 150 new jobs.

"This decision by BNSF further reinforces our position as a major transportation hub for the nation and enhances our capacity to compete in the worldwide logistics network," said Memphis Mayor Willie W. Herenton.

Shelby County Mayor A C Wharton acknowledged the importance of rail infrastructure to Memphis' economic development and applauded the effort of the local economic development team in cooperation with the State of Tennessee.

"We again witness how our local and state governments are working together to bring jobs and capital investment into our community," he said. "This announcement is a good start for 2004 and will be a catalyst to further economic prosperity in our area."