Metro Memphis' EDGE Board approved Nike's request for a 15-year tax abatement, paving the way in retaining 1,662 jobs and creating at least 250 more.

This deal would make Memphis the biggest population of Nike employees outside of its world headquarters in Beaverton, Ore.

This is exciting job news for Memphis, but Nike representative Willie Gregory said it's not a done deal.

"There's still a chance," he said. "Nothing is final. It is our intent to be here in Memphis. Based on the support and incentives we received, it will help in that decision."

Nike plans to end its lease on its distribution facility on Winchester Road in Germantown and transfer those jobs to its building in Frayser. The global sporting shoe company plans to expand its Frayser facility in the next four years.

The estimated 250 new jobs with Nike in Memphis are good paying jobs with an average annual salary of $35,000.

"This is quite an accomplishment to keep them here and to expand them to make them even bigger; 250 jobs, increased payroll," said Shelby County Mayor Mark Luttrell.

The approved tax abatement will cost near $58 million in forgone taxes.