Project Number: 20151002
Project Type: Community Builder
Parcel ID: 001107 00001
County Commission District: | City Council District:

Summary

MLB-Uptown, LLC (Applicant) was awarded a 15-year Community Builder PILOT to enable the organization to invest more than $5.5 million at a blighted facility located at 544 Jackson Avenue.

MLB-Uptown, LLC will invest $717,000 to purchase the Jackson Avenue facility, and an additional $1,950,000 in building renovations. MLB-Uptown, LLC will spend an additional $350,000 in soft costs. Soft costs of $350,000 will not be abated.

MLB-Uptown, LLC will invest $1,800,000 in personal property at the shuttered Jackson Avenue location.

MLB-Uptown, LLC will receive $754,000 in Community Reinvestment Credit (CRC) for the use of 100 percent (25,900 sq. ft.) of the Jackson Avenue location, for a total capital investment of $5,571,000. MLB-Uptown, LLC is a 501 c(3) that has managed $150M in investment across a 100 city block area with 268 single family homes, 549 multifamily units, and 69 senior units. MLB facilitated the development of 500 vacant parcels in the Uptown Memphis neighborhood.

MLB is applying for the Community Builder PILOT for the purpose of attracting a grocery store to the Jackson Avenue location, the former Chism Trail grocery store. 68 percent (15,714) of residents in the surrounding area have low access to fresh foods, causing the USDA to classify the area as a food desert.

In June 2001, the CRA Plan for Uptown was adopted by Memphis City Council and Shelby County Commission. The comprehensive plan was prepared by the Community Redevelopment Agency of Memphis and Shelby County with input from MHA and LGLLC. The CRA is housed at the City of Memphis Division of Planning and Development and administers the Tax-Increment-Financing (TIF) funds with oversight from both the City Division of Finance and the County Finance Department.

At that time, MLB-Uptown, LLC was created to acquire, prepare and dispose of property within Uptown for redevelopment.

The CRA Plan for Uptown has been amended twice since its original form – once in November 2009 and again in March 2011 – primarily to add additional components that established and encouraged partnerships with existing neighborhood groups and services to sustain the neighborhood in the long-term.

The mayors of both the City of Memphis and the County of Shelby have reviewed MLB’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:

$5,571,000
Real Property Investment:
$1,950,000

Personal Property Investment:
$1,800,000

Community Reinvestment Credit (CRC):
$754,000

Capital Investment not in PILOT:
$717,000

Projected Tax Revenue:

$315,151

Projected Taxes Abated:

$945,454
City: $413,712 (75%)
County: $531,742 (75%)

Benefit/Cost Ratio:

Not applicable

Projected MWBE/LOSB Spending:

$292,500

Incentive Provided:

$945,454

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

MLB Uptown

544 Jackson Avenue, Memphis, TN 38103