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Commission approves Cleveland Street Corridor redevelopment TIF to fund Midtown corridor projects
Summary
The commission approved a joint ordinance establishing a Cleveland Street Corridor Redevelopment Trust Fund and enabling a community-based tax increment finance (TIF) district for redevelopment initiatives in the Cleveland Street corridor.
The Shelby County Board of Commissioners approved a joint ordinance with the City of Memphis creating the Cleveland Street Corridor Redevelopment Trust Fund, a community-driven tax increment financing district to support redevelopment in the Midtown/Cleveland Street area.
The ordinance, described in committee as advancing a community-based redevelopment plan, enables creation of a TIF district and a redevelopment trust fund under Tennessee's Community Redevelopment Act of 1998 and the Uniformity in Tax Increment Financing Act of 2012. The commission's summary said the community redevelopment plan includes identified priority initiatives; article 2, section 2.06(c)…
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