Core City Development
A. Memphis Renewal Community
On January 21, 2002 the U.S. Department of Housing and Urban Development designated 48 census tracts in the City of Memphis as a “Renewal Community”. On December 1, 2005, HUD approved a request from the City of Memphis and the State of Tennessee to add 20 census tracts to the designated area, making it one of the largest renewal communities in the country.
The Renewal Community reflects the areas in Memphis which have the greatest need and which offer the best utilization of tax incentives to stimulate business growth. The Renewal Community we envision will not only create economic opportunities but also generate jobs and hope for many Memphis residents. We estimate that the total impact of the 8-year designation will be in excess of $300 million dollars.
This designation brings with it significant federal tax incentives to promote economic development and create jobs. It includes many of the areas within the City that have been targeted for significant redevelopment, and it will help the City continue to focus and advance its economic development efforts.
All Renewal Communities expired on December 31, 2009. The House has passed HR 4213 extending the designations for one year and the President has reportedly included a two year extension in his budget. It is important to economic development and creation of jobs to extend the designation.
Position: The Greater Memphis Chamber recommends that the Department of Housing and Urban Development extend the Renewal Community designation for Memphis.
B. Beale Street Landing
Memphis has no adequate docking facility for major vessels touring the Mississippi River nor appropriate water taxies or ferries to cross the Wolf River Harbor or Mississippi River. As a result, the historic cobblestones are disappearing into the river from sloughing caused by today’s docking arrangements. Additionally, docking conditions at the cobblestones are also unsafe, causing injuries, falls, lawsuits, and even one death.
The proposed Beale Street Landing/Docking Facility would provide safe docking for vessels and passengers coming in and out of the City of Memphis from the Mississippi River as well as those who wish to cross the Wolf River Harbor via water taxi or ferry. The facility would also protect the city’s historic cobblestones by eliminating docking on and near the cobblestones.
The Beale Street Landing/Docking Facility would enhance historic Beale Street, Tennessee’s most popular tourist attraction, and connections to the storybook riverboat culture. The facility would also create connections between Tom Lee Park and historic Beale Street to Mud Island River Park and the newly-enhanced historic Cobblestone Landing. It would create a terminus for Beale Street, along with commercial opportunities at the river’s edge.
This project is related to the Riverfront Development Corporation’s (RDC) proposed Cobblestone Landing and Cobblestone Walkway projects. The Governors’ Alliance for Regional Excellence identified heritage tourism as an important strategy in building the tourism sector of the regional economy.
The City of Memphis requests $5 million in FY11 Transportation Appropriations, under the Ferry Boats and Ferry Terminal Facilities Program, to construct the Beale Street Landing/Docking Facility and provide water taxies, ferries, and other water transportation vehicles to operate from the landing.
The total estimated project cost is $35 million. The proposed federal share is 35%, and the project has received $500,000 in FY03, $1 million in FY04, $1.22 million in FY05, $1.9 million in FY06, and $475,000 in FY09. The City of Memphis will contribute $24 million to the project and the RDC has secured $3,664,000 in funds from the State of Tennessee for the project.
Position: The Greater Memphis Chamber supports the request for allocation to enhance the Memphis Riverfront.