Get Down Memphis

DOWNTOWN PROPERTY PILOT (Payment-in-lieu-of-taxes)

Offered To: Developers and Property Owners

Uses: To secure adequate financing for project

Maximum Amounts:15 Years (term of PILOT based on project type and development plan)

Terms, Rates & Leverage Requirements:

  • Maximum PILOT term for application is 15 years
  • Must meet "but for" test, ie project would not occur but for the PILOT

Eligible Boundaries: CBID and within the Parkways

Details about the Downtown Property PILOT

DEVELOPMENT LOAN PROGRAM

Offered To: Developers and Property Owners

Uses: For building renovation, new construction, or site improvement

Maximum Amounts: $150,000 (based on project type and development plan)

Terms, Rates & Leverage Requirements:

  • Permanent financing (funds distributed after improvements have been completed)
  • 20-year amortization
  • 10-year term
  • 3% interest rate
  • 3% closing rate

Eligible Boundaries: CBID

Details about the Downtown Development Loan

EXTERIOR IMPROVEMENT GRANT

Offered To: Business Owners & Property Owners

Uses: For exterior building iand site mprovements such as signage, lighting, awnings and accessories visible from public right-of-way

Maximum Grant Amount: Based on location; Main Street Mall ($100,000), Downtown Core ($80,000), CBID ($60,000)

Terms, Rates & Leverage Requirements: 

  • Minimum financing leverage of 1-to-1
  • Funds distributed after improvements have been completed

Details about the Exterior Improvement Grant

DOWNTOWN CORE SIDEWALK REPAIR LOAN PROGRAM

Offered To: Property Owners

Uses: Sidewalk repairs within the Downtown Core

Maximum Grant Amount: $5,000 per property maximum; final loan amount based on scope of sidewalk repair needed

Terms, Rates & Leverage Requirements: 

  • 0% Interest Rate
  • Terms range from 12 - 36 months, depending on loan amount

Details about the Sidewalk Repair Loan Program