Two affiliate boards of the Downtown Memphis commission (the Center City Revenue Finance Corporation and the Center City Development Corporation) administer incentives in order to recruit new business and redevelop properties within Downtown Memphis.
To be eligible for these programs, projects must fall within the Central Business Improvement District (CBID) boundaries. These programs include:
Incentives for Downtown Property Owners:
PILOT (Payment-In-Lieu-of Tax) or Tax-Freeze Program
The PILOT program is a financial incentive that is designed to encourage commercial real estate development in and around the Central Business Improvement District by "freezing" property taxes at the predevelopment level for a predetermined period of time. To be eligible for a PILOT, the value of the building renovations, site improvements or new construction must be equal to or greater than sixty percent (60%) of the total project cost.
The program is administered by the Center City Revenue Finance Corporation through an application and review process.
Development Loan Program
The Development Loan program is a financial incentive designed to encourage commercial real estate improvements within the Central Business Improvement District. This low-interest loan program offers up to $150,000 for building renovations based on established project evaluation criteria. The loan is amortized over a 20 year period at a three percent (3%) interest rate with a balloon payment due at the end of the tenth (10th) year.
The program is administered by the Center City Development Corporation (CCDC) through an application and review process.
Incentives for New and Existing Downtown Businesses:
Office Grant Program
This program is designed to stabilize and strengthen the Downtown office market by offering incentives towards office tenant improvement costs. This will be done by offering eligible tenants matching grants for up to 50% of the cost of tenant improvements. Eligible tenants may apply to receive reimbursement of their actual costs for improvements up to the grant amount maximums based on number of full-time employees.
Downtown Design Requirements for Signs and Buildings:
Downtown Memphis Commission's Design Review Board reviews applications for all projects receiving financial incentives from the DMC's affiliated agencies, as well as all signage and all public improvement projects in the CBID. The DRB is also charged with developing and implementing the CBID sign ordinance.
City, state, and federal agencies also provide development incentives that are offered to, but are not exclsively for, properties within the CBID. Downtown Memphis Commission's Development Department will work with developers on downtown projects to determine which incentives are applicable to their projects.
Download a printed sheet of development and business incentives
For help with incentives, contact our Development Department or call 901.575.0540 to speak to a staff member.
Learn more about the Center City Revenue Finance Corp
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