EDGE Announces New Incentives, Fosters Progress Through Strategic Partnerships
This week, the EDGE Board approved a $5 million loan as part of the overall capital stack of the $264 million renovation of 100 N. Main by the 100 N. Main Development Partners, led by Kevin Woods, Billy Orgel, Jay Lindy, Adam Slovis, and Michael McLaughlin. This decision reinforces EDGE’s commitment to applying the full strength of its economic development toolkit in 2023.
“We are proud to stand alongside partner organizations to support this vital project,” said Dr. Joann Massey, EDGE Vice President of Operations. “Utilizing public assets to spur economic growth, job creation, and impact for Memphis and Shelby County is a key part of the EDGE strategy.”
The funding is a repayable loan that will be used for pre-demolition work to reactivate 100 N. Main, the tallest building in Downtown Memphis.
The EDGE Board also approved a 10-year fast track PILOT (Payment In Lieu of Taxes) abatement for American Restoration Services/Rescue Rooter. This project will create 50 new jobs with an average wage of $123,000 and spur $1.2 million in capital investment.
“After years of languishing, the iconic 100 N. Main building will finally have new life,” Mayor Jim Strickland said. “The redevelopment of this historic building shows that Memphis continues to grow and be a great place to invest. I am excited to get this transformative project underway.”
In a press release earlier this week, the Tennessee Department of Economic and Community Development Commissioner Stuart C. McWhorter shared, “Memphis has the infrastructure, workforce and business climate needed to support ARS/Rescue Rooter, and I am grateful the company has once again placed its trust in Tennessee for this project. Today’s announcement is sure to enhance the livelihood of this community for years to come.”
Commenting on the community impact of this PILOT, Shelby County Mayor Lee Harris said, “Good, high-paying jobs benefit the employed resident and our community at-large. When someone has a good job, they can invest in themselves, their family, and their neighborhood. When this happens, we can move the needle on some of our most challenging issues, including public safety and poverty.”
The EDGE Board also heard an update from the Shelby County Suburban Chamber Alliance – composed of Arlington, Bartlett, Collierville, Germantown, Lakeland, and Millington – on their activities to support economic development and how they will continue to strengthen their partnership with EDGE.
Additionally, the Economic Development Finance Committee met and approved three Inner City Economic Development (ICED) Loans. These are small, forgivable loans built to spark revitalization in distressed neighborhoods.
Chasity Monroe, owner of Pink Noir Beauty Supply & Cosmetics, the only Black-owned beauty supply retail operator in Memphis, received a $17,000 ICED Loan to help with renovations and façade and building interior improvements at 152 N. Avalon. Fabian Mathews received a $25,000 ICED Loan to help renovate his second studio space at 649 N. Second, including adding additional square footage, a new HVAC system, and improvements to the parking lot. Stacie Payne, owner of a Beexellent Academy LLC at 2975 Old Austin Peay Hwy, received a $15,000 ICED Loan for improvements to the roof, structure, HVAC, and building interior improvements.
“Today’s meetings spurred economic growth from neighborhood businesses to large corporate expansions across Memphis and Shelby County,” said Massey. “Our strategic plan going forward includes increasing the visibility of our activities and data-based outcomes.”
Created in 2011 through a joint resolution of the Memphis City Council and the Shelby County Commission, EDGE is the economic development agency for the City of Memphis and Shelby County Government. EDGE provides and coordinates public resources to drive economic development in Memphis and Shelby County. EDGE leverages the benefits of economic development incentive programs to foster public/private partnerships that create jobs, grow the economy, revitalize neighborhoods, attract investments, spark innovation, and encourage entrepreneurship.
To date, EDGE has approved assistance to projects expected to create and retain nearly 40,000 jobs, invest $8.2 billion, and generate $1.7 billion in local tax revenue and $993.7 million in spending with Minority/Women-Owned Businesses in Memphis and Shelby County. For more information, visit edgemem.com.