Proposed PILOT policy changes push affordable housing
The Center City Revenue Finance Corp. will vote on changes to its payment-in-lieu-of-taxes incentive program at its Feb. 5 meeting.
Topic: Center City Revenue Finance Corp.
RSSThere are 40 article(s) tagged Center City Revenue Finance Corp.:
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January 2023
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December 2022
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The Walk pushes back closing date — again
This is the third time that closing dates for the near $1 billion development, slated for Union Avenue near Danny Thomas, have needed to be restructured.
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November 2022
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Inked: Trading a Family Dollar for apartment lofts, Memphis home sales sink
This week’s Inked covers the October 2022 real estate report, new PILOT for 47 S. Main St. and updates on Vic on Union and 280 Vance Ave.
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Dream Hotel approved for revised PILOT, as project changes to mixed-use
The new $99.3 million plan will include a 181-room hotel, four restaurants and bars, and 10 high-end apartments. There are five Dream Hotels located in the U.S., including one in Nashville.
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Vic on Union gets 12-year PILOT for its $46.6 million apartments, pool, lazy river
On Tuesday, Oct. 11, the Center City Revenue Finance Corp. approved a 12-year PILOT for the $46.6 million Vic on Union development in the Medical District and provided updates on the Dream Hotel project.
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Dream Hotel has new, almost $100M price tag, seeks TDZ incentive
Tom Intrator’s 18 Main is seeking a 20-year PILOT and tourism surcharge for an updated Dream Hotel project.
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October 2022
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Tourism surcharge, PILOT approved for $226M Downtown Sheraton renovation
The Downtown Memphis Sheraton Hotel will be getting a significant makeover soon.
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Developer seeks tax incentives for $46M Medical District apartment complex
Texas-based Hunington Properties wants a 12-year PILOT for its 286-unit Vic on Union development at the former Office Depot site at 785 Union Ave.
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September 2022
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DMC board approves Grand Hyatt, One Beale financing
On Tuesday, Center City Revenue Finance Corp. board members approved financing for the Grand Hyatt hotel and final phase of One Beale development.
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Downtown board approves PILOTs for Greyhound Complex, Crump Blvd. development
Discussion of $226 million Sheraton renovation project was delayed to Oct. 11.
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$226M renovation, 300-room expansion proposed for Downtown Sheraton
The existing restaurants and bars will be converted into an upscale Memphis-themed sports bar. Additionally, an event deck will be built on the second floor, according to the application.
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Downtown board proposes One Beale resolution for $95M in bonds
The Center City Revenue Finance Corp. will weigh in on a One Beale financing resolution during its Sept. 13 meeting.
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August 2022
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Historic Dermon Building renovation includes apartments, outdoor pool, dog park
Developers Nick and Sam Patel plan to renovate the historic 10-story Dermon Building Downtown into 103 apartment units.
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June 2022
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20-year PILOT approved for $79.6M Rise on the Ravine project
Center City Revenue Finance Corp. board members approved the payment-in-lieu-of-taxes for the mixed-use development in the Edge District.
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May 2022
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Tourism bonds approved for Grand Hyatt, One Beale
While the total value of the bonds is still undetermined, Chance Carlisle of Carlisle Corp. expects the value to be around $75 million.
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April 2022
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Downtown project gets PILOT extension as developers work on funding
Located Downtown at 251 Union Ave. across from AutoZone Park, The Walk was originally awarded a 30-year, $741 million PILOT in August 2020.
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November 2021
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The Peabody to become special tourism tax zone
The creation of the Peabody Hotel Surcharge will finance capital investments to the property totaling more than $125 million over the next 30 years for long-term preservation.
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October 2021
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Downtown board approves consultant to review tax incentive policy
St. Louis, Missouri-based PGAV Planners will determine if the PILOT program is delivering the desired results of growing the tax base and helping projects happen that couldn’t otherwise.
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Downtown board reexamines PILOT program, considers new applicant
At its Oct. 12 meeting, the Center City Revenue Finance Corp. is set to approve a plan for reviewing its PILOT program, and it will hear a new PILOT request for a Medical District development.
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March 2021
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‘Bold’ purchase of city’s tallest building approved
“This will allow us to get rid of a black eye that exists right in the heart of our Downtown,” said the DMC’s interim president.
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February 2021
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Goal: Give smallest tax incentives that still spur projects Downtown
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.
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Developer plans to renovate blighted, vacant apartments near Downtown
Stella Maris Development owner Amin Zaki plans to revive apartments at 1030 Poplar. They’ve been vacant and deteriorating more than five years.
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January 2021
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Central Yards receives tax incentive
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.
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Central Yards project seeks $23M tax incentive
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.
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December 2020
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Downtown board approves public support for One Beale’s Grand Hyatt
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.
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