in this issue:
Proposed Downtown TaxIncrement Financing
District
Intl Downtown Assnto Showcase Memphis
New Projects Slated in Pinch Area
Development Briefs Available PropertySpotlight
March MeetingSchedule
CCC ContactInformation
The Downtown Developer
is a monthly publication
produced by the
Memphis Center
City Commission
114 North Main Street
Memphis, TN 38103
phone 901.575.0540
toll free 888.303.0002
fax 901.575-0541
downtownmemphis.com
All rights reserved.
Tax Increment Financing District Proposed
for Downtown
The Center City Commission board gave approval at its February meeting to pursue creation of a Tax Increment Financing (TIF) District for much of the Downtown area. The proposed TIF District would serve as a funding mechanism to assist with the more than $600 million needed for public improvements within the Central Business Improvement District (CBID). These public improvements are necessitated by decades of neglect of the central city.With estimates showing that only a small percentage has been completed towards Downtown revitalization goals, PGAV, a leading urban consultant, was hired by the Center City Commisison to analyze current conditions in the 6.5 square mile CBID. Their conclusions, reached after a block-by-block analysis, confirmed that most of the work in redeveloping Downtown lies ahead, and there is a substantial need for public and private investment to make that happen.
How a TIF District Works
The amount of property taxes collected within the proposed TIF District (in this case, the area within the CBID, excluding the Uptown area which already has a TIF District in place) is frozen at a base level. Any growth above and beyond the base level, due to property value increases or PILOT roll-offs, is captured and placed in a trust fund. The fund can only be used to pay for specific approved infrastructure and affordable housing projects within the District. The TIF fund, in essence, becomes a reinvestment tool within a designated area.Because the amount collected in the fund is predictable, revenue bonds can be issued against PILOT roll-offs and the monies can be immediately invested in approved projects. It is estimated that, based on this method, approximately $30 - $40 million could be generated for immediate use.
Click here to learn more about the proposed CBID-Wide TIF District.
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International Downtown Association
to Showcase Memphis at Spring Conference
The International Downtown Association, a world leader and champion for vital and livable urban centers, is holding its 2003 Spring Conference in Downtown Memphis April 26 - 28, an international premiere event for downtown revitalization professionals.
Up to 300 downtown delegates from around the world are expected in town for this three-day conference where Downtown Memphis will serve as a “best practices urban laboratory” for downtown experts. The theme of the conference,
"A City Reborn", will demonstrate how Downtown Memphis evolved into a first-class business, entertainment and residential district over the past decade.
Work sessions and mobile workshops hosted by local, regional and national authorities will cover a wide-range of topics, including homeland security, marketing strategies, transportation management, and budget challenges. Many of Downtown Memphis' catalytic projects will also serve as best practices examples, including the emerging Medical District, Uptown revival, riverfront transformation, the Beale Street renaissance and much more.
Social events include a festive Saturday night reception at Beale Street’s Handy Park with local entertainment to showcase Memphis’ musical heritage, and a reflective Sunday night reception at the National Civil Rights Museum to illustrate Memphis’ profound role in the human rights movement.
Click here to view the conference program and for a registration form.
For more information on the IDA Spring Conference, contact CCC Sr. VP of Marketing, Lee Warren at (901) 575-0560.
New Projects Slated in Pinch Area
Two new renovation projects in the Pinch area are slated to begin this spring.
Just north of Auction at 497 North Front Street, Stacy and Craig Mednikow will begin renovations to transform a 30,000 square foot produce and poultry warehouse into 17 loft apartments with 15,000 square feet of retail space on the ground floor. Land was acquired north of the building for on-site parking. Renovation costs are estimated at $1.4 million. This project received a 10 year PILOT (tax freeze) from the Center City Revenue Finance Corporation and a $79,500 development loan from the Center City Development Corporation (CCDC).
Pro Sales, Inc. has renovation plans for 356 North Main (formerly Jake's Place) that will turn the current restaurant space into its new office and conference space. Renovation costs of this two story, 3,300 square foot building is estimated at $273,000. The project received an $81,000 development loan from CCDC. [back to table of contents]
Development Briefs
Want to check out the progress on the FedExForum? Log on to its new website at www.fedexforum.com to view shots from the FedExForum Webcam or watch a time-lapse video to see a compilation of construction progress. More information will be eventually uploaded on the site, covering everything from the arena's seating arrangements and Grizzlies' game schedules to news about future events in the arena.
Joe's Crab Shack, a popular family-style seafood restaurant, is now open at 263 Wagner Place (formerly Landry's). Call 526-1966 for more info.
The 16-year old Radisson Hotel on the corner of Union and Third Street is undergoing over $3 million in renovation that includes interior decor remodeling to its 280 hotel rooms.
"Light It Up: The Downtown Illumination Project" has launched its new website. Go to www.lightitupmemphis.com to learn more about the project and to view pictures of sample lighting projects.
Construction is underway on a new 21,000 square foot Social Security Office building located at 1330 Monroe Avenue. This project, which began last October, is estimated at $1.5 million and is expected to be complete in April.
The national chain of Hampton Inn and Suites has presented the Peabody Place Hampton Inn near Beale Street with its prestigious 2002 Hotel of the Year Award.
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Available Property Spotlight
Uptown Place: Auction at Main
Uptown Place, a new shopping center that is expected to begin construction this month at Auction at Main Street, is looking for retail tenants for 8,500 square feet of ground floor space.
Uptown Place will include a BP gas station and BP convenience store with a Subway Sandwich shop. Ten residential units will be built on the second floor above the retail space. Negotiations are underway with two possible retail tenants.
The available 8,500 square feet can be subdivided into 4 retail bays. Lease rate is $15.50 per square foot. This new brick building will have 44 parking spaces but is essentially designed as a walk-up retail center with covered walkways and a trolley stop.
With direct access to Harbor Town traffic, located on the trolley line, and amid $7.5 million of actual construction on new Uptown Community Development, this new $3.5 million development offers a prime location for retail tenants. The property will be ready for move-in on September 1, 2003.
For leasing information on this property, contact Cavett Fallis at the Garland Company, (901) 527-7779.
To review other available properties in Downtown Memphis, click here.
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March Meeting Schedule
Center City Revenue Finance Corporation: cancelled
Center City Development Corporation: Wed, March 19 at 8:30 am
Downtown Parking Authority: Wed, March 19 at 10 am
Center City Commission Board: Fri, March 28 at noon
Design Review Board: Wed, April 2 at 5 pm
The above meetings will be held at the Center City Commission, 114 North Main Street. For more information, call (901) 575-0540.
The Pinch Business Association will meet on Tuesday, March 11 at 6 pm at Cafe Francisco (400 North Main). For more information, contact President Julie Ray at 578-8002.
The Downtown Neighborhood Association will meet on Thursday, March 20 at 6:30 pm at Cafe Soul, 492 South Main Street. Marcia Wunderlich, the principal for the new downtown elementary school, will be the guest speaker. For more information, call (901) 527-1DNA.
The South Main Association's monthly meeting will be held on March 25 at 6:30 pm at The Arcade Restaurant. All South Main businesses and residents are invited to attend. Call 526-6627 for info.
A Brown Bag Luncheon for neighborhood association leaders to share ideas will be held on March 27 at 12 noon at the Center for Neighborhoods, 619 N. Seventh Street. Call 526-6627 for info.
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Center City Commission Staff
Executive
Jeff Sanford, President
Development
Myron Hughes, VP of Development and Planning
Brad Elmer, Business Development Analyst
Jaske Goff, Development Project Manager
Laura Morgan, Director of Planning & Development
Leigh Ann Simmons, Existing Business Specialist
Lillian Smith, Development Coordinator
Financial
Jim Street, Chief Financial Officer
Marketing
Lee Warren, Senior VP of Marketing
Leslie Gower, Director of Communications and Editor
Dena Owens, Marketing Manager
Sridhar Sunkara, Director of Information Systems
Operations
Janet Pfaff, Senior VP of Operations
Dave Rice, Parking Coordinator/Environmental Coordinator
Christine Taylor, Office Manager/Administrative Assistant
Gaston Davis, Blue Suede Brigade Manager
Blue Suede Brigadiers:
Derrick Burnett
Eugene Brassel
Fannie Garner
Kay Jennings
Bobby Parker
Michael Williams
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We want to know what you think about this publication - email your comments to Leslie Gower, Editor. And thanks to those who have already responded with their suggestions!