Incentives offered for
developing in Downtown Memphis . . .
PILOT Program
Development Loan Program
Historic Tax Credit Program
Main Street Tenent Loan Program
Broker Bonus Program
Bond Issues
See a map of
Central Business Improvement District
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broker bonus program
The Broker Bonus Program is an incentive directed to
the brokerage community to help bring new office and retail tenants and
employees to the Central
Business Improvement District. The program rewards the broker or tenant
representative responsible for signing new tenants Downtown in the form of a
one-time bonus of $5,000.
Office Broker Bonus Program
The Office
Broker Bonus program is available to all licensed commercial brokers. Eligible
buildings must be located within the project boundaries, roughly Greenlaw to
Carolina and Riverside to Third and Fourth streets.
Leases must meet the
following criteria:
- Leases must have minimum term of five (5) years.
- Leases must be for a minimum of 3,750 square feet.
Tenants must be
approved by the Center City Development Corporation (CCDC) and must meet the
following qualifiers:
- The tenant must be creditworthy.
- The tenant must employee a minimum of 25 people, and have a minimum ratio of
150 square feet per employee.
- All exterior building improvements, including signage, must be approved by
the Design Review Board (DRB).
Retail Broker Bonus
Program
The Retail Broker Bonus program is available to all licensed
commercial brokers. Eligible buildings must be located within the project
boundaries, roughly Greenlaw to Carolina and Riverside to Third and Fourth
streets.
Leases must meet the following criteria:
- The lease must be for ground floor space that has direct street access.
- The leases must have a term of at least five (5) years.
- The leased space must be a minimum of 2,000 square feet.
Tenants
must be approved by the Center City Development Corporation and must meet the
following qualifiers:
- The tenant must be creditworthy.
- The retailer should be a catalytic business, acting as a draw for downtown
and reaching out to a new customer base.
- The retail business and corresponding building improvements will leverage
additional reinvestment in the area.
- All exterior storefront and building improvements including signage must be
approved by the Design Review Board (DRB).
Recognized retail categories
that are specifically targeted with this program include:
- Children's Apparel
- Women's Apparel
- Men's Apparel
- Children's/Toy Store
- Specialty Shop
- Sporting Goods
- Video Rental
- Home Furnishings
- Shoes
- Service Retail
The
CCDC
reserves the right to limit the number of bonuses in each category in order to
promote complementary uses.
Application Process
It is
recommended that brokers have an initial discussion with the
Center
City Commission Development Department to evaluate the eligibility of the
prospect and site location. Brokers may have to submit financial statements and
credit applications of their prospects. Once staff has determined the
eligibility of the tenant, the broker would continue in normal lease
negotiations.
Upon the execution of a lease, the broker should submit a
copy of the lease along with financial statements to the CCC staff no less than
one week prior to the regularly scheduled CCDC Board of Directors meeting. The
CCDC will make final determination if the tenant and the overall project qualify
for the bonus. If approved, a $5,000 bonus will be issued to the brokerage
company once the business is open.
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