There are 45 article(s) tagged Center City Revenue Finance Corp.:
Center City Revenue Finance Corp. board members are to review its policies for giving tax incentives. Possible changes may include syncing incentives to existing growth plans, simplifying the policy, and tightening the amount of incentives without slowing development.
Stella Maris Development owner Amin Zaki plans to revive apartments at 1030 Poplar. They’ve been vacant and deteriorating more than five years.
The Center City Revenue Finance Corp. board voted 7-0 to approve a 20-year incentive that will save developers of the $77 million Central Yards project $23 million in property taxes.
Even with the tax-break incentive, Central Yards would still generate $7.7 million more in local tax revenues over 20 years than the same property would generate without the mixed-use development, according to the Downtown Memphis Commission.
The Center City Revenue Finance Corp. voted unanimously in support of $129.5 million worth of public incentives for One Beale’s fourth phase, plus a 5 percent tax surcharge on One Beale customers that is projected to generate another $139 million over 30 years.
The partnership that built The Citizen in the heart of Midtown is selling it to a Carlisle Corp. entity, but no changes in operations are planned, a Downtown agency was told.
Despite a few questions, the Center City Revenue Finance Corp. board voted unanimously to fund a $62 million plan to improve parking, walking and cycling Downtown. The City Council and County Commission still must approve the project.
The Center City Revenue Finance Corp. transferred a tax-break incentive for the building at 999 S. Cooper to Jeffrey Little, who plans to rename the mixed-use property The Flats at Cooper-Young.
The Center City Revenue Finance Corp. approved 30 years of property tax savings that will fund $134.6 million of the $741 million development’s costs, and a 5% tourism surcharge that is estimated to provide $20.8 million for the project.
Developers cite the economic effects of the pandemic in seeking different and new tax incentives. The first phase of the development is estimated to cost $741 million.
The $30 million project would renovate and convert a 120-year-old warehouse at Front and Vance, create 165 apartment units, 10,000 square feet of commercial space, and 100 parking spaces.
The mixed-use development comprises 29 apartment units and nearly 4,000 square feet of retail space.
The Downtown Memphis Commission staff particularly liked that the three ground-floor retail bays are virtually ready now for tenants.
A Downtown board on Tuesday, Dec. 10, approved tax breaks for mixed-use projects involving existing buildings: American Snuff Factory, One Beale's boutique hotel and Madison Professional Building.
Developers of a new mixed-use project in Cooper-Young say they will meet with residents who are concerned the apartment project is not good for the neighborhood.
Two development groups are looking for a break on property taxes to help balance the cost of their Midtown apartment projects.
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