The Center City Revenue Finance Corporation (CCRFC) is a state-chartered industrial development board comprised of nine volunteer board members, nominated by the mayors and approved by the Memphis City Council and the Shelby County Board of Commissioners.
As provided by the Tennessee Code Annotated (7-53-102), the CCRFC is authorized to finance, own, lease, and dispose of properties in order to maintain and increase employment opportunities and increase the quantity of housing in the Center City. The CCRFC is also charged with promoting industry, trade, commerce, tourism, recreation, and housing construction, and inducing related enterprises to remain in or locate to the Center City.
The CCRFC operates within the area bounded by the Mississippi River (west), North Parkway (north), East Parkway (east), and South Parkway (south). The CCRFC can grant Payment in Lieu of Taxes (PILOT) tax freezes to property owners who plan to improve or redevelop their property. The CCRFC can also issue bonds to provide financing for public interest projects.
PILOT (Payment-In-Lieu-of Tax) or Tax-Freeze Program
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Bobbi Gillis, Chairman & Treasurer
Eric Mathews, Vice Chairman
Jim Crone, Secretary