(MEMPHIS) – The Economic Development Growth Engine for Memphis and Shelby County (EDGE) is scheduled to take action on two project applications at their meeting on Wednesday for the redevelopment of blighted properties as a result of legislation sponsored by Senator Brian Kelsey (R-Germantown) and Representative Kevin Vaughan (R-Collierville). Kelsey and Vaughan sponsored a new law in the Tennessee General Assembly this year to allow the industrial development corporation to grant PILOTs (payments-in-lieu-of-taxes) for projects that include apartments and hotel developments in Shelby County that are outside of the center city district.
“These projects will help reinvigorate Binghampton and will lead to more investments and jobs in the neighborhood,” said Sen. Kelsey. “Blight affects all types of communities – rural, urban and suburban. Lifting the restriction allows for the redevelopment of blighted areas in Binghampton and beyond.” Senator Kelsey represents part of the Binghampton neighborhood.
Both projects are in the Binghampton area of Memphis. The Broad Avenue Residential project includes 413 apartments and 10,000 square feet of retrial space, with a capital investment of $51 million. The Thrive at the Park project will include 176 apartments with a capital investment of $22 million. It is located at Sam Copper Boulevard and East Parkway. Neither project could be done without PILOT support provided under the legislation.
“I am very pleased that EDGE will review the first two applications submitted under the new law,” added Rep. Vaughan. “The people of these communities deserve to live in safe communities that have a vibrant economy. We will continue to work to help transform and strengthen our local communities.”
“It will be a great shot in the arm for these communities,” continued Sen. Kelsey. “We look forward to seeing positive effects from this legislation, beginning with these two projects, to increase public safety, property values and economic development opportunities.”