UNDC-Highland Strip Revitalization

Summary

EDGE will assist certain economic development initiatives to be conducted by University Neighborhood Development Corporation (UNDC) in a designated area along South Highland Street between Poplar Avenue and Park Avenue, including certain streetscape and infrastructure improvements on the Highland Strip and areas surrounding the Highland Strip.

EDGE will provide financial assistance to the project and future redevelopment by applying the proceeds of the Tax Increment Financing (TIF) to pay a portion of certain costs and expenses that will be incurred in connection with the redevelopment of the Plan Area and the Tax Increment Incentive.

The UNDC is a private, nonprofit, neighborhood-based organization engaged in formulating a community and economic development strategy for the area surrounding University of Memphis that is closely coordinated with the University of Memphis.

UNDC's vision is that "the University District...be the most vibrant, diverse and fun campus/community in the Mid-South, where a major urban university and its surrounding community seamlessly connect and together form attractive, safe, walkable neighborhoods and a unique mix of retail, office, restaurant, and civic establishments."

The project's TIF Economic Impact Plan and Development Agreement were amended in June 2018 to include an amended scope of work and additional public improvements.

TIF Amount:

$21,100,000

Projected Total Jobs:

235

Total Investment:

$21,100,000

Projected MWBE Spending:

$2,500,000

Approved

9/21/2016