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EDGE, or Economic Development Growth Engine for Memphis and Shelby County, says its staff members estimated annual property taxes will average $128,501 during the PILOT term and $384,043 after. Staff projects $11,936,024 in total local tax revenues to be received during the PILOT term of this project and a $3,602,761 benefit to the Applicant.
The tax cut would last for 10 years and then revert to the normal taxation.
According to the application, the mini-fulfillment model to be used by the new facility is expected to increase the speed packages go to stores, to lockers for pick-up and directly to customer homes. In addition to the established logistics network serving stores, Walgreens will partner with FedEx and UPS, as well as companies such as Uber and Doordash for direct-to-consumer shipping. The applicant evaluated locations throughout the Central United States before targeting Memphis for this project.
EDGE President and CEO Reid Dulberger said the organization worked diligently last year to ensure that we did not lose the momentum.
“To be among the top 25 economic development organizations in the nation for the second year in a row is an honor and highlights EDGE’s commitment to Memphis and Shelby County, he said in a statement.
Chamber President and CEO Beverly Robertson said economic development is a team sport. In a year that was filled with so many hard challenges, the Mac Conway award recognizes how this team fought hard for Memphis to be the chosen city for businesses to grow and expand, she said. More importantly, we worked together to bring jobs to the citizens of Memphis and Shelby County, ultimately improving the quality of life for over 3,000 families.
About $469,000 worth of projects has already been completed. That includes some crosswalk improvements, installation of parking lot lighting and installation of rumble strips.
The district is centered around Highland, stretching as far north as Poplar Avenue and south just past Park Avenue. The district was approved by the Economic Development Growth Engine for Memphis and Shelby County in September 2016 to generate revenue for infrastructure improvements meant to draw more residents including U of M students and faculty and businesses to the area.
In 2016, it was estimated the TIF would generate about $21 million over 20 years. The district gets 75% of the increased tax revenue generated by the TIF. The City of Memphis and Shelby County continue to get all of the pre-TIF base taxes.
Correction: This story has been updated to clarify the separate timelines for the Tennessee Valley Authority to dispose of coal ash at the Allen Fossil Plant and remediation of the plant itself.
U.S. Rep. Steve Cohen took aim at the lingering coal ash in his district this week, targeting the pollution that is the byproduct of coal-fired power plants in Memphis and across the country.
Cohen introduced the Ensuring the Safe Disposal of Coal Ash Act this week, a move that could help strengthen provisions of the Clean Future Act, a bill introduced this year that is aimed at reducing carbon dioxide emissions and includes measures intended to speed up coal ash clean-up and set further standards for it.