With 18 PILOT project approvals, nine Inner City Economic Development Loans, three bond issues and nearly $683 million of projected capital investment, 2017 was an outstanding year for EDGE. In 2017, with a record number of PILOT approvals, EDGE encouraged more than $284 million of projected tax revenue and the creation/retention of nearly 3,800 jobs. EDGE’s 2017 portfolio showcased a wide variety of projects ranging from corporate office headquarters, to a specialty neighborhood healthcare center, to the world’s largest producer of alternative animal feed.
Furthermore, in 2017, EDGE introduced the new Residential PILOT program targeting multi-family development. “With two Residential PILOT projects approved in 2017, we aim to spark investment in affordable, market-rate multifamily rental projects in the core of the City and increase population density in historic parts of Memphis,” said Reid Dulberger, EDGE President/CEO.
Collectively, since EDGE’s inception in 2011, EDGE has approved for more than $3.3 million of investment, 16,993 new/retained jobs, and generated more than $1.1 billion of new tax revenue.