» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 128 | NO. 194 | Friday, October 04, 2013

Crosstown Developers Seek 20-Year PILOT

By Bill Dries

Print | Front Page | Email this story | Email reporter | Comments ()

(Daily News file/Lance Murphey)

Developers of the former Sears Crosstown building will seek a 20-year, $41.8 million tax break on the $180 million project from the Center City Revenue Finance Corp. on Thursday, Oct. 10.

The corporation’s board meets at 9 a.m. at the Downtown Memphis Commission offices, 114 N. Main St.

The 20-year payment-in-lieu-of-taxes status sought by Crosstown LLC is five years longer than the 15-year-maximum PILOTs allowed under CCRFC’s current policy.

Crosstown LLC’s principals argue in their application that, because of the size of the 86-year-old Sears Crosstown building, 495 N. Watkins St., 20 years is necessary to ease concerns from lenders for the construction loan as well as the permanent financing loan. The principals also cite the economic impact on the larger surrounding area from the development, which will include a mix of retail, residential and commercial office space.

The CCRFC is recommending a 15-year PILOT, which would mean a $33.3 million tax break for the developers.

Construction is scheduled to begin in February and take two years.

Crosstown LLC is also seeking $15 million in city funding for infrastructure work, including some internal demolition within the set of buildings. Memphis Mayor A C Wharton Jr.’s administration has not yet committed to a specific source or sources of funding, which would also need approval from the Memphis City Council. The city funding and PILOT are the last pieces of the financing puzzle for the project.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 109 433 13,330
MORTGAGES 114 591 17,349
FORECLOSURE NOTICES 11 93 3,391
BUILDING PERMITS 0 366 30,930
BANKRUPTCIES 76 352 12,695
BUSINESS LICENSES 21 108 4,597
UTILITY CONNECTIONS 77 564 19,457
MARRIAGE LICENSES 29 151 4,060

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.