Approved by the Memphis City Council, Shelby County Commission and EDGE Board of Directors, nearly 600 parcels of land surrounding the University of Memphis and the Highland Strip will be included in a tax increment-financing district that will raise an estimated $19 million across a 20-year term to help fund public improvements within the area, including safety, road, and public infrastructure.
Requested by the University Neighborhoods Development Corporation (UNDC), a nonprofit dedicated to assisting the area surrounding the University of Memphis, the University District TIF’s goal is to help the University recruit and retain students, faculty, and spur new retail, commercial and residential development within the area. The district will receive 75 percent of the increase in tax revenues, after deductions for city and county debt service and associated fees. Both city and county would continue to receive 100 percent of the established base year taxes.
The UNDC project is the second TIF approved by the EDGE board, joining the Graceland TIF approved in 2015 that helped secure $137 million of new investment at the Graceland campus.