UNDC TIF PROPOSAL 34% 2i? .3: .pq'XW?? a2 . . . ?qua?: ?47-h? 2.5774 Courtesy of LRK, Inc_ I. - . ECONOMIC GOALS The UNDC project will improve the area surrounding The University of Memphis to promote student walkability, engage students in community life, and retain talent in Memphis. w-srawd TIFGUALS Help the University of Memphis retain and attract students and faculty Better leverage one of Memphis? largest economic generators Provide an amenity to help compete with other urban universities Attract private investment REVITALIZATIUN CHANGES Safety Improvements Quiet Zones Road Sidewalk Improvements Public Seating Trash Receptacles Traf?c Slowing Measures Crosswalks EXISTING CONDITIONS Graf?ti and lack of public lighting discourage local walkability Empty lots offer growth opportunities LOCATION MAP District University of Memphis Green Space PROCESS: HOW THE TIF WORKS Redevelopment in the UNDC area attracts new businesses and industries Property values increase as economic activity increases, resulting in increased property taxes (the increment) The remainder of the increment goes to the City and County A A portion of the increment is used to fund infrastructure improvements to the UNDC area PROCESS: DISTRIBUTION 1 PUBLIC HEARING EDGE will hold a public hearing on the TIF district formation on September 21 OUTCOME REVITALIZATIUN Safety and infrastructure improvements attract new businesses, increase tax revenues, and bene?t talent retention from The University of Memphis 2 OFFICIAL APPROVAL The proposal goes before the Memphis City Council and Shelby County Commission for approval 3 EDGE SPECIAL FUND A portion of the TIF funding is placed into a special EDGE account for UNDC improvements and reimbursements; 25% of work performed by Local Business Participation DISTRIBUTION EDGE distributes funding from the special TIF account for infrastructure and safety improvements in the UNDC COST ANALYSIS TOTAL TAX REVENUE New Existing Tax Revenue: over 20 years Taxes allocated to EDGE for UNDC Improvements City County New and Existing Debt Service Tax Revenue for the City County BENEFITS INCREASED TAX REVENUE DEBT REPAYMENT City County Retain All City of Memphis Receives 1 Existing Taxes PLUS: 31% of In Debt SerVIce Shelby County Receives 18% in Debt Service 0 Debt Service Paid First on City . County Debt from Debt Service Paid Increment Before Distribution to EDGE New Taxes from Increment, in Addition to SPUR REVITALIZATIUN EXIstmg Taxes Safety I 1. THE UNIVERSITY OF QuietZones Road Sidewalk 4 Improvements The UNDC project will improve the . . 1 I area surrounding The University of