EDGE Approves Taxing Area Sought by Poplar Corridor Business District Owners’ Association
The Poplar Corridor Business District is a 400+ parcel area located along Poplar Avenue in the City of Memphis, from immediately west of Interstate 240, east to the City line. The district is home for many of the most recognized corporate leaders in the Greater Memphis area, including FedEx, International Paper, Vining Sparks, St. Francis Hospital, and several prominent financial corporations and law firms. The area provides a substantial amount of economic activity for both the City and County.
While the private sector has made substantial investments within the Poplar Corridor Business District, the public infrastructure is insufficient to accommodate continued growth. The Poplar Corridor Business District Owners’ Association, the not-for-profit TIF applicant, wants to facilitate the development of several projects within the district including new Class-A office space, two mixed use and retail centers, and two hotels, totaling $499.5 million.
Those projects, and others, will not be feasible without significant investments in new and improved public infrastructure. Across 20-years, Tax Increment Financing (TIF) funds totaling an estimated $91.2 million will be spent on road improvements, new pedestrian walkways, traffic signals, utility pole replacement, street lights, gateway signage, streetscapes and other public improvements.
The project is expected to attract 7,000 jobs and generate $30 million of new real property taxes for the City, and $26 million for the County across 20-years, in addition to new personal property taxes, sales taxes, and hotel/motel lodging taxes. The applicants have committed to spending 28 percent of TIF funds with city or county-certified minority/women-owned business enterprises. Furthermore, the project and infrastructure improvements are expected to serve as a catalyst for additional office, retail, and other commercial development in the District.
The EDGE Board of Directors unanimously approved the proposed TIF application. The project must be reviewed and approved by both Memphis City Council and Shelby County Commission, as well.
For more information about the project, please visit the EDGE Project Database.