Memphis, Tennessee Renewal Community Application Summary

Descriptions :

Memphis, Tennessee has a Round I Enterprise Community (EC) that has, in part, been designated as a Renewal Community (RC), thus Memphis lost its EC designation when it received an RC designation on January 1, 2002. The Memphis RC Course of Action chooses the following strategies: Reducing Tax Burdens The Memphis and Shelby County Industrial Development Board (IDB) has implemented the City and County Payment-In-Lieu-of Taxes (PILOT) Program. The average tax abatement value for one year is $223,210, according to 1999 PILOT statistics. Also, the average number of jobs created by a PILOT business is 149. Improving Local Services