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Binghampton Gateway Center
Project Number: 20151001
Pilot Type: Community Builder
Status: Approved
Parcel ID: 037042 00027Z
County Commission District: 7 | City Council District: 5
Pilot Type: Community Builder
Status: Approved
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 Payroll:
Not applicable
Annual Retained Direct 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:
Not applicable
Projected MWBE/LOSB Spending:
$798,239
Incentive Provided:
$1,860,696
Compliance Information
Not applicable
Approved
10/21/2015
Ramp up Period
1 year
Closing
12/31/2017 (Real)
Effective
12/31/2017
Lease Begins
12/31/2017 (Real)
Lease Expires
12/31/2032 (Real)
Amended
Not applicable
Property Details
Lease Began
12/31/2017 (Real)
Lease Expires
12/31/2032 (Real)