PLANNING & DEVELOPMENT
|
development and
business incentives
Affiliate boards of the Center City Commission (the Center City Revenue Finance Corporation and the Center City Development Corporation) administer incentives in order to recruit new business and redevelop properties within Downtown Memphis.
To be eligible for these programs, projects must fall within the Central Business Improvement District (CBID) boundaries. These programs include:
Incentives for Downtown Property Owners:
PILOT (Payment-In-Lieu-of Tax) or Tax-Freeze Program
The PILOT program is a financial incentive that is designed to encourage commercial real estate development in and around the Central Business Improvement District by "freezing" property taxes at the predevelopment level for a predetermined period of time. To be eligible for a PILOT, the value of the building renovations, site improvements or new construction must be equal to or greater than sixty percent (60%) of the total project cost.
The program is administered by the Center City Revenue Finance Corporation through an application and review process.
Download PILOT Application Map of eligible properties
Development Loan Program
The Development Loan program is a financial incentive designed to encourage commercial real estate improvements within the Central Business Improvement District. This low-interest loan program offers up to $90,000 for building renovations based on established project evaluation criteria. The loan is amortized over a 20 year period at a three percent (3%) interest rate with a balloon payment due at the end of the tenth (10th) year.
The program is administered by the Center City Development Corporation (CCDC) through an application and review process.
Download Development Loan Application Map of eligible properties
Incentives for New and Existing Downtown Businesses:
Forgivable Loan for New Retail Businesses
The Retail Forgivable Loan program provides financial and practical assistance to new and additional retail business operations in targeted areas of Downtown Memphis. The Program will offer subordinated direct loans from the Center City Development Corporation (CCDC), which can be forgiven with no principal or interest due if the business remains in operation for at least five (5) years.
The CCDC loans will require private sector leverage of at least 2 to 1, (meaning for every dollar of CCDC forgivable loan there must be two dollars of bank financing) as well as a minimum of 20% equity investment in the total business development cost of the project.
Download Loan Application for New Businesses
Facade Improvement Grant for New Retail Businesses
The Façade Improvement Grant program provides financial assistance to new Downtown retailers in improving storefronts and signage in targeted retail areas. Matching grants are available from the Center City Development Corporation (CCDC) for up to 50% of the cost of façade improvements for eligible improvements.
Download Facade Grant Application
Office Grant Program
This proram is designed to stablizie and strengthen the Downtown office market by offering incentives towards office tenant improvement costs. Eligible tenants may apply to receive reimbursement of the actual costs for improvements based on number of full-time employees.
Download Office Grant Application
Downtown Design Requirements for Signs and Buildings:
The Center City Commission's Design Review Board reviews applications for all projects receiving financial incentives from the CCC's affiliated agencies, as well as all signage and all public improvements in the CBID. The DRB is also charged with developing and implementing the CBID sign ordinance.
Download Design Review Board Application and Process Information
CBID Sign Code
CBID Design Guidelines
|
City, state, and federal agencies also provide development incentives that are offered to, but are not exclsively for, properties within the CBID. The Center City Commission's Development Department will work with developers on downtown projects to determine which incentives are applicable to their projects.
Download a printed sheet of development and business incentives
For help with incentives, contact our Development Department or call 901.575.0540 to speak to a staff member.
Learn more about the Center City Revenue Finance Corp
Learn more about the Center City Development Corporation
|
