Downtown Memphis Part 1

Downtown Memphis Part 1        

By: Andrew Ewing

Memphis is another river city where the downtown has seen a major revitalization project take place.  "We envision a thriving Downtown is the heartbeat of the region, built on Memphis unique character and authenticity, attractive to residents, workers, and visitors from all walks of life"(Kitsinger)  The community goals Memphis established for a downtown are:

-Is safe, attractive and livable.

-Is a thriving regional economic hub.

-Is inclusive and diverse

-Is an asset that is valued and supported by the entire region.

-Exemplifies Memphis' unique character and authenticity. (Kitsinger)

       

The City Center Commission Board that saw this project to fruition consisted of a 16 member panel. On this panel are 10 private-sector members, a city and county mayor representative, one city council member, one county commissioner and two state legislators.  All 16 member have a tie to the community and a desire to continue reshaping the downtown. 

        

Like most major projects, funding was a major issue. With 10 private-sector members involved they are already financially invested in the community. As a result, the greater success the downtown has, the greater success their business will probably have.  Another way this project was financially successful was because of the Center City Revenue Finance Corporation. The CCRFC is "A state-chartered industrial development board comprised of nine volunteer board members, nominated by the mayors and approved by the City Council and the Country Commission for 6 year terms."(Kitsinger)  The CCRFC can do several things:

-Grant Payment in Lieu of Taxes (PILOT) tax freezes to property owners who plan to improve or redevelop their property.

-Issue Bonds to provide financing for public interest projects.

-Finance, own, lease and dispose of properties. (Kitsinger) The tax breaks or tax freezes encourages new or current business owners to update or build new facilities.  Bonds are an excellent way to provide outside interest groups or people a way to invest in public project that take place in any project.

The last group is the Center City Development Corporation. This group:

- Acts as a developer for key Downtown projects.

-Offers low interest development loans to property owners who renovate, redevelop, or stabilize property in the CBID.

- Administers a retail incentive loan program to encourage new retail.  A couple other Business investment incentives the City of Memphis offers is:

-Development Loan Program: Low-interest (3%) loan program for property redevelopment.

-Downtown Retail Incentives: Forgivable loan and Façade Grant Program to encourage retail recruitment and retention.

-Downtown Office Occupancy Incentive: Grant program designed to recruit and retain high occupancy rates for Downtown offices.

-Parking Development & Bond Issuance: Parking development as a catalyst for private investment with bond issuance authority.