Downtown policies changed back to spark new development
Downtown tax incentives just got more appealing.
The Center City Revenue Finance Corp., an affiliate board of the Downtown Memphis Commission, on Tuesday, Dec. 10, reversed changes made to the payment-in-lieu-of-taxes policy last year.
The changes to the PILOT program, which took effect in July 2023, changed the available terms from a 15 and 20 years to 10 years. Now, 15- and 20-year terms are back.
The reversal, which takes effect Jan. 1, is meant to reduce barriers for developers, increase annual city and county taxes, reduce blight and encourage new investment in Downtown.