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Binghampton Gateway Center

Project Number: 20151001
Project Type: Community Builder
Parcel ID: 037042 00027Z
County Commission District: | City Council District:

Summary

Binghampton Development Corporation (BDC) (“Applicant”) is seeking a 15-year Community Builder PILOT to enable the organization to construct a 48,565 square foot grocery-anchored commercial center located at the South East corner of Sam Cooper Boulevard and Tillman Street.

The Applicant will invest $5,321,595 for new construction and $609,000 to purchase 7 parcels of land. The Applicant will spend an additional $914,660 in soft costs. The land value of $609,000 and the soft costs of $914,660 will not be abated.

The Applicant will invest $6,845,255 in Real property.

The Applicant will be located on a 4.87 acre parcel of land located on the Southeast corner of the intersection of Sam Cooper and Tillman, Memphis, TN.

The Binghampton Development Corporation (BDC) is a non-profit community development corporation that works to improve the quality of life in the Binghampton Community. Founded in 2003, the BDC began pursuing a strategy to support the revitalization of an historic neighborhood through housing and economic development and empowerment programs for those affected by issues of systemic poverty. The neighborhood is bounded by Summer Avenue, Holmes, Poplar, and East Parkway, and approximately 8,000 residents live in 3,000 households in the neighborhood.

The BDC is applying for the Community Builder PILOT for the purpose of attracting a national value grocer (anchor), a national value household goods retailer (junior anchor), 7,240 sq ft of additional retail space, a parking lot and additional site development. The new development is a part of the BDC’s 10-year vision for the neighborhood. Construction for Phase 1 is scheduled to begin Spring 2016. The site for Phase 2 (approximately 22,000 sq ft) will be developed during Phase 1, and Phase 2 structures will be built at a later date.

The mayors of both the City of Memphis and the County of Shelby have reviewed BDC’s application and jointly recommend it for approval by EDGE.

PILOT Term:

15 years

Projected New Jobs:

Not applicable

Projected Retained Jobs:

Not applicable

Total Jobs:

Not applicable

Projected Average Payroll of New Jobs:

Not applicable

Projected Average Payroll of Retained Jobs:

Not applicable

Annual New Direct/Indirect Payroll:

Not applicable

Annual Retained Direct/Indirect Payroll:

Not applicable

Total Capital Investment:

$6,845,255
Real Property Investment:
$5,321,595

Personal Property Investment:
Not applicable

Community Reinvestment Credit (CRC):
$1,523,660

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$620,232

Projected Taxes Abated:

$620,232
City: $271,401 (75%)
County: $348,831 (75%)

Benefit/Cost Ratio:

Not applicable

Projected MWBE/LOSB Spending:

$798,239

Incentive Provided:

$1,860,696

Compliance Information

Not applicable

Approved

10/21/2015

Ramp up Period

Not applicable

Closing

Not applicable

Effective

Not applicable

Lease Begins

Not applicable

Lease Expires

Not applicable

Amended

Not applicable

Property Details

Lease Began

Not applicable

Lease Expires

Not applicable

Binghampton Gateway Center

480 Tillman Street, Memphis, TN 38112
  • Project Files
    • Application
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    • Analysis
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    • Onesheet
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    • Termsheet
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    • Diversity Plan
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    • Resolutions
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    • Minutes
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  • Closing
    • Closing Summary
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    • Leases
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    • Real Property Leases
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    • Personal Property Leases
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    • Bills of Sale
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    • Full Closing Package
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  • Compliance Files
    • Pilot Performance Report
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    • Diversity Report
      • N/A