MEMPHIS, Tenn. — The Economic Development Growth Engine board is taking on a makeover by changing policy and procedure.
EDGE is the group that decides which businesses get the tax breaks known as PILOTS. Smaller companies will be eligible as well, but they must invest in certain distressed areas of the city and county.
The corner of Tillman Street and Sam Cooper Boulevard is ripe for development. The Binghamton Development Corporation said it is perfect for a grocery store-anchored shopping center; the neighborhood doesn’t have one.
“I’ve been waiting,” Binghamton resident Frank Pilgrim said. “I’ve been waiting since last year, but it seems like ain’t nothing happening. When they gon’ bring one?”
The landowner might be more encouraged to start building now.
EDGE voted to change its policy today. Developers and businesses in about 15 neighborhoods can apply for community builder PILOTS. They will make payments to the city and county in lieu of taxes on the agreement their business revitalizes an area.
“We’re talking about retail, small-scale other commercial activities, industrial activities, speculative development activities — the things they need to bring life back and vitality back into their communities,” EDGE President Reid Dulberger said.
Certain businesses such as pawn shops and car dealerships aren’t eligible, but most other projects are a go.
“We believe these projects will still pay more in taxes once those projects are built than they’re paying today because most of the properties that will get redeveloped are derelict. Many are vacant,” Dulberger said.
An apartment complex at Tillman and Sam Cooper was torn down in January. Neighbors called it an eyesore.
It’s gone now, but nothing is in its place. Land owners now have an incentive to build on the neighborhood’s wishes.
“Because they need it,” 89-year-old Lucille White said. “It’s needed in this area. They don’t have it. Wouldn’t you want something convenient for you?”
Binghamton is just one of the areas eligible for a Community Builder PILOT. You can find other areas that qualify by contacting the EDGE office.