VOL. 133 | NO. 129 | Thursday, June 28, 2018
DMC to Discuss Possible New Tax Incentives
The Downtown Memphis Commission will explore the possibility of a new tax-incentive program during a Center City Revenue Finance Corp. policy committee meeting Friday, June 29.
Since many developers inquire about additional assistance beyond a standard PILOT (payment-in-lieu-of-taxes) abatement for infrastructure improvements, DMC staff is proposing the adoption of a site-specific tax increment financing arrangement.
A TIF works by allocating a portion of the new, additional property taxes generated by a development over a limited period of time to pay for public infrastructure surrounding the site.
According to the DMC, a PILOT benefits a project by reducing annual operating costs via a partial property tax abatement, whereas TIFs are attractive to developers who have more need in the area of up-front infrastructure than in ongoing operating costs.
These two incentive programs would not eligible for the same project.
To qualify for a site-specific TIF, a project must be located within the Parkways, The value of the proposed building renovations must be equal to or greater than 60 percent of the total project cost, it must pass a “but for” test that determines that the project would not be financially feasible without a TIF, and the applicant must own the property or have an option or other right to purchase the property.
– Patrick Lantrip
Community LIFT Accepting Grant Applications
Community LIFT has begun accepting applications for its 2018 Empowerment Fund grants. Launched last year, the Empowerment Fund is designed to provide financial assistance to grassroots leaders and organizations for community work that improves the quality of life in Memphis’ under-resourced neighborhoods.
Residents, business or property owners, and neighborhood associations can apply for grants of up to $2,500 to fund community-supported projects that promote community cohesion, improve the physical spaces in the neighborhood, cultivate financial stability, and/or assist neighborhood stakeholders in collaborative action.
Community LIFT will host three information sessions. Those who are interested in applying for an Empowerment Fund grant must attend a session:
• July 2: 10:30 a.m. to noon, 1350 Concourse Ave., suite 434
• July 2: 5:30 p.m. to 7 p.m., Benjamin L. Hooks Central Library, 3030 Poplar Ave., room A
• July 9: 10:30 a.m. to noon, Community Foundation of Greater Memphis, 1900 Union Ave.
Community LIFT is a community development intermediary that works to advance Memphis by facilitating funding and connections that empower residents, grow community development corporations and neighborhood businesses to renew place, and build support for greater Memphis neighborhoods. In 2017, LIFT awarded $70,000 in small grants to 30 individuals and organizations through the Empowerment Fund. The grants supported a wide range of programs, events, and activities in 22 neighborhoods across the city.
The 2018 Empowerment Fund applications must be submitted by July 27, and grants will be announced on Sept. 21. For more information, visit communitylift.org.
– Don Wade
Memphis Logistics Firm To Merge With Trax
Veraction, a Memphis-based transportation spend management and freight audit solutions provider, has announced a merger with Scottsdale, Arizona-based Trax Technologies, a global freight audit and payment provider.
The combined business will operate under the name of Trax Group Inc. and will offer customers a single global technology platform across all shipping modes and a suite of transportation spend management analytics.
PNC Business Credit and White Oak Global Advisors provided secured financing in support of the transaction. Chris Connell, former CEO of Veraction, will head up the combined company as CEO of Trax Group Inc.
“Many of the world’s largest shippers have already turned to Trax and Veraction to better control their transportation costs and save money,” Connell said in a statement. “This combination brings together the two clear leaders in this industry with rich legacies, innovative solutions and deeply talented teams with an intense customer focus. Our combined company will set a new standard for transportation spend management solutions and freight audit.”
– Patrick Lantrip
Hollywood Feed Extending Store Hours
Memphis-based Hollywood Feed will extend its Sunday store hours from 11:30 a.m. to 6:30 p.m., effective July 1.
The extended Sunday hours will affect all 12 Hollywood Feed stores in the Memphis area, including those in Germantown, Cordova, Collierville, Bartlett, Oakland, Atoka, Southaven and Olive Branch. Currently the stores are open Sundays, noon to 6 p.m.
“Sundays are the perfect time for our customers to run errands and get everything that their pet will need for the coming week,” Brittany Gilliam, Hollywood Feed chief operating officer, said in a statement. “In response to customer demand, we’re pleased to be able to offer extended hours that provide greater access to our natural and holistic products and offerings.”
A full listing of stores and hours can be found at hollywoodfeed.com.
– Patrick Lantrip
U of M Selling Tickets For Football Road Games
The University of Memphis ticket office now has tickets for the Tigers’ five regular season road games on sale. Memphis will open conference play in week two at Navy on Sept. 8. Tickets for that game are $45. Kickoff is set for 2:30 p.m. Central and the game will air on CBS Sports Network.
The Tigers will close the month of September at Tulane in a Friday night game on ESPN in New Orleans. Tickets for that game are $15 and the nationally broadcast West Division matchup will kick off at 7 p.m.
Memphis will step out of conference play in October to face the Tigers of Missouri on Oct. 20 in the front end of a home-and home series. Kickoff for the game in Columbia has yet to be determined, but tickets are available at $70 each. The TV partner is also yet to be announced. This is Memphis’ first game in Columbia since 1996, a 19-16 Memphis victory.
Following a bye week, Memphis will be back on the road to open November, traveling to face East Carolina on Nov. 3. Tickets for the Tigers’ first game in Greenville since 2012 are $50 and will find Memphis trying to snap a four-game losing streak in Greenville, last winning in 2004. Kickoff and the television partner for that American Athletic Conference game will be announced during the season.
The Tigers will play their regular-season road finale on Nov. 16 on ESPN2 at 8 p.m. It will be Memphis’ first matchup with SMU under the Mustangs’ new coach, Sonny Dykes. Tickets for that game are $40.
All road tickets can be purchased online at gotigersgotix.com or by calling the ticket office at 901-678-2331. All away-game tickets are allotted based on Tiger Scholarship Fund priority points and will be sent out approximately three weeks before the game.
Memphis home-game season tickets also are on sale. Like the road tickets, home-season tickets for the seven-game schedule are on sale online at gotigersgo.com/footballtickets or by calling the ticket office at 901-678-2331.
– Don Wade