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Binghampton Gateway Center

Project Number: 20151001
Project Type: Community Builder
Parcel ID: 037042 00027Z
County Commission District: 7 | City Council District: 5

Summary

Binghampton Development Corporation (BDC) was awarded a 15-year Community Builder PILOT to encourage the organization to invest $6,845,255 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 development will be comprised of 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. 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 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 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.

EDGE Staff estimates the project will create $620,232 in tax revenue and more than $1.8 million of tax benefit for Binghampton Development Corporation.

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):
Not applicable

Capital Investment not in PILOT:
$1,523,660

Projected Tax Revenue:

$620,232

Projected Taxes Abated:

$1,860,696
City: $813,125 (75%)
County: $1,047,571 (75%)

Benefit/Cost Ratio:

0.33

Projected MWBE/LOSB Spending:

$798,239

Incentive Provided:

$1,860,696

Compliance Information

Not applicable

Approved

10/21/2015

Ramp up Period

1

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