PGAV was hired by the Center City Commission to develop a plan for the first tax increment financing (TIF) district, called a Community Redevelopment Area, under a new Tennessee statute. The TIF Plan covered the downtown core, the medical district, a housing redevelopment area, and a mixed-use entertainment and housing area. The Center City Commission is a non-profit organization charged with administering the Business Improvement District for downtown Memphis. PGAV’s assignment involved reviewing Center City’s proposed redevelopment projects, assisting in the development of plan strategies, and evaluating compliance with the TIF Act. The ability to leverage projects with private sector involvement and other public resources was key in the formation of the plan strategies.
This project was challenging because of the size and complexity of the area that the Center City Commission requested PGAV to evaluate. It was also difficult because the project involved a new state statute and prior case law had not been established. To develop the plan, PGAV reviewed the new Tennessee TIF statute and compared it to statutes being utilized by other major cities.
PGAV was also retained by the City of Memphis/Shelby County to provide ongoing TIF consulting, including analysis of TIF redevelopment proposals and plans and tax increment revenue projections. PGAV continues to consult the City of Memphis/Shelby County in relation to issues of economic development and the use of TIF throughout the City.