MEMPHIS (From news reports) -- Sylvamo Corporation, a subsidiary of International Paper that is in the process of being spun off into an independent, publicly-traded company, could put its headquarters in Memphis.

The company said 300 people would work at the location. It was not immediately clear if those would be new employees or existing International Paper employees.

Sylvamo filed an application requesting a 15-year payment-in-lieu-of-tax incentive from the Economic Development Growth Engine of Memphis and Shelby County.

Of the 300 jobs, the lowest-paying positions would have an average base pay of almost $87,000, according to the application. General management salaries would be about $124,000 on average and senior management salaries would be about $258,000 on average.

The corporation is looking at several locations within Memphis, including the ServiceMaster building and the Indigo Ag building, for its headquarters.

According to the PILOT application, Sylvamo is seeking 65,000 to 75,000 square feet of office space within an existing building.

Since the company is evaluating several locations within the city for its headquarters, it's unclear what its capital investment in the city would be. An estimate in the application put the property investment around $4.5 million and the personal property investment -- including furniture and equipment -- around $7 million.

Sylvamo will produce a variety of paper materials.