The Industrial Development Board of Memphis and Shelby County will meet Wednesday to review several payment-in-lieu-of-taxes deals, including a retention PILOT for McKesson Corp. that could lead to more than $60 million in new investment here.

The McKesson deal would be split into two projects.

One would be at McKesson’s RxPak at 4971 Southridge, where thepany said it needs to make $27 million worth of upgrades.

The second McKesson project involves its Forwarding Distribution Center at 4836 Southridge, where thepany seeks to make $34 million in upgrades. However, the cost between building a new building and upgrading the current structure are not great, thepany said in its application. If it chooses to build a new facility “it would be constructed outside Shelby County,” the application said.

“The question before the board is whether it can provide incentives that widen the cost gap between retrofitting the existing building and building a new building elsewhere,” the application says, “and thus encourage McKesson to retain and expand its remaining Memphis operations.”

Thepany’s application reminds the board that it has already moved a big part of its distribution operations to Mississippi. Furthermore, once that building is empty, the application says, thepany must decide then if it wants to move the rest of the operations out of Memphis or fill the vacant building with other operations and “some additional jobs.”

The project would retain 246 jobs and abate more than $8.1 million in taxes from Memphis and Shelby County.

Among other projects before the IDB next week:

Specialty chemicalpany Pennakem LLC is looking for a 15-year PILOT agreement for a $28 million project at 3324 Chelsea that would bring 49 jobs.

Thepany is a wholly owned subsidiary of Luxembourg-based Minafin and bought the assets of Memphis-based Penn Specialty Chemicals in 2008.

Pennakem makes furfural, a renewable resource chemical made from biomass like corn cobs, its application said.

Memphis Specialized Operations, with the help of Memphis Bioworks Foundation, wants an eight-year PILOT to open a $28 million laboratory at 45 South Dudley to create 22 jobs.

The facility would provide testing for localpanies that develop products that require testing for the U.S. Food & Drug Administration. These Memphispanies export $3 million-$5 million of lab work around the world each year because they don’t have this type of facility in Memphis, thepany’s application said.

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