Almost five years after plans for a tax-increment financing district meant to revitalize the Highland strip near the University of Memphis was approved, TIF administrators noticed a problem: They weren t getting all the money they had projected.
Cody Fletcher, executive director of the University Neighborhoods Development Corporation, a nonprofit that co-administers the TIF district, said as he and other officials were reviewing the income that flowed into TIF coffers in 2018, 2019 and 2020, they noticed a number of parcels originally intended to be in the district weren t. We basically identified the fact that it wasn t performing exactly where it should be, he said. We came to realize the reason for that is there are 645 parcels in this TIF. Somehow in the creation of the TIF, there were 68 parcels that were included in the map. but they were not included in the actual list of parcels.
The 901: Brazilian variant in Memphis; NLE Choppa arrested; Mullen Technologies
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Taxpayer funds are not being used to push Memphis forward
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Tax breaks, grants and assistance programs are among the enticements cities use to lure companies to relocate.
The City of Memphis has for years debated the need for corporate incentives and how they should be doled out. Reid Dulberger, President and CEO of Economic Development Growth Engine, says it’s crucial to keep incentives because it makes financial sense for businesses that would otherwise settle in other communities, some adjacent to Memphis.
Dulberger joins Memphis City Council member Worth Morgan for this week’s WKNO-TV
Behind the Headlines with host Eric Barnes and
Daily Memphian reporter Bill Dries. Guests discuss programs and incentives to obtain new business in Memphis, as well as the debate surrounding such practices.