View the Center City Commission
Year End Financial Report
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2004 year end report
Growth in Downtown Memphis over the past year proves that when dedicated
partners work together, great things happen. As primary advocates for
development in Memphis’ business district, the Center City Commission and its
partners sustained the charge in making Downtown a great place to live, work and
play in 2004.
The results are impressive:
- The $250 million NBA FedEx Forum opened serving as a catalyst
for new growth and development in the Sports and Entertainment District
- Demolition and construction began in the new neighborhood of Uptown,
a $150 million public/private partnership that will turn 125 blocks of
distressed residential into a desirable mixed-income community
- Over $260 million in development projects were slated for or began in the
Medical District, including the UT/Baptist BioTech Research Park, UT
Cancer Institute medical research facility, the formation of the Methodist
University Hospital, and the MATA trolley rail expansion
- Great strides were made in redeveloping the Main Street Demonstration
Block between Union and Gayoso
- $5 million was earmarked for Streetscape Improvements in Downtown
- Increased inspections for dumpster violations, illegal parking,
safety hazards, health department violations and illegal dumping in the business
improvement district led to notification of 542 private property owners with
approximately 50% correcting the violations
- Blue Suede Brigade provided information and assistance to
approximately 100,000 Downtown visitors
We are delighted to report
that all of these efforts were realized within the boundaries of the Center City
Commission’s FY03 budget. A summary of the FY03 financial results is below.
As we look to the upcoming year, we realize that there is still much to
be done. Even with the $2 billion of investment in new public and private
development currently underway, estimates show that we have only completed
30-40% of our redevelopment goals.
As a
stakeholder in the future of Downtown, the Center City Commission pledges to
continue to work hard to deserve your confidence as we strive to improve our
urban center in the coming years.
Sincerely,
Jeff Sanford,
President
Rickey Peete, Chairman
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