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Poplar Corridor Business District Association of Owners

Summary

Poplar Corridor Business District is a 400+ parcel area located along Poplar Avenue in the City of Memphis, immediately east and west of Interstate 240. The district serves as the headquarters for many of the most recognized corporate leaders in the Greater Memphis area, including FedEx, International Paper, Vining Sparks, St. Francis Hospital, and several prominent financial corporations and law firms. The area provides a substantial amount of economic activity for the City and County.

New development and infrastructure improvements are necessary in order to promote the continued vitality of the Poplar Corridor Business District. While the private sector has made substantial investments in the area, the public infrastructure is insufficient to accommodate growth in the district safely. The Poplar Corridor Business District Association, the not-for-profit TIF applicant, wants to facilitate the development of several projects within the district including new Class-A office space, two mixed use and retail centers, and two hotels.

The project will not be feasible without significant investments in new and improved infrastructure in the area. $91.2 million of TIF funds will be spent on public infrastructure such as road improvements, new pedestrian walkways, traffic signals, utility pole replacement, street lights, gateway signage, and streetscapes. Total project costs are estimated to be $499.5 million.

Implementation of the project will yield significant benefits to the City of Memphis and Shelby County. The project will generate substantial additional tax revenues to the local governments, preserve and create 7,000 jobs within the City and the County, and further expand the economic impact of the Poplar Corridor Business District. Furthermore, the project and infrastructure improvements are expected to serve as a catalyst for additional office, retail, and other commercial developments and redevelopments in the future of the area.

TIF Amount:

$91,200,000

Projected Total Jobs:

7,000

Total Investment:

$499,500,000

Projected MWBE Spending:

$25,536,000

Approved

7/25/2018

Poplar Corridor Business District Association of Owners

5900 Poplar Avenue, Ste 100, Memphis, TN 38119