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.
There are 40 article(s) tagged Center City Revenue Finance Corp.:
The Center City Revenue Finance Corp. will vote on changes to its payment-in-lieu-of-taxes incentive program at its Feb. 5 meeting.
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.
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.
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.
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.
Tom Intrator’s 18 Main is seeking a 20-year PILOT and tourism surcharge for an updated Dream Hotel project.
The Downtown Memphis Sheraton Hotel will be getting a significant makeover soon.
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.
On Tuesday, Center City Revenue Finance Corp. board members approved financing for the Grand Hyatt hotel and final phase of One Beale development.
Discussion of $226 million Sheraton renovation project was delayed to Oct. 11.
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.
The Center City Revenue Finance Corp. will weigh in on a One Beale financing resolution during its Sept. 13 meeting.
Developers Nick and Sam Patel plan to renovate the historic 10-story Dermon Building Downtown into 103 apartment units.
Center City Revenue Finance Corp. board members approved the payment-in-lieu-of-taxes for the mixed-use development in the Edge District.
While the total value of the bonds is still undetermined, Chance Carlisle of Carlisle Corp. expects the value to be around $75 million.
Located Downtown at 251 Union Ave. across from AutoZone Park, The Walk was originally awarded a 30-year, $741 million PILOT in August 2020.
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.
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.
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.
“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.
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.
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