MEMPHIS, Tenn. (WMC) – We’re taking a look at some of this week’s biggest business headlines impacting the Mid-South.
This week we learned local entrepreneur J.W. Gibson plans to transform a part of South Memphis.
“The actual details are not really fleshed out yet, and there’s a reason for that,” said Greg Akers, Editor-In-Chief of the Memphis Business Journal. “What has been announced is that J.W. Gibson is leading this development group… and their plan is to get a TIF.”
A TIF is a tax-increment financing district, which Gibson plans to put into South Memphis and spur different development projects.
“It’s basically a boundary they’ve put over different parts of town that captures all the tax revenue over a certain percentage and reinvests that money into that neighborhood,” said Akers.
Gibson is backed by a team of power players on the planning.
“They’re also looking for more partners. The reason for their announcement is [because] they want ideas, they want proposals and they want people who are ready to roll up their sleeves and join the big project they’re wanting to pull off,” said Akers.
Gibson said he hopes to have confirmed a list of specific sites and projects and be on his way to the Community Redevelopment Agency (CRA) for the TIF’s first approval within the next couple months.
You can find these stories and more online at MemphisBusinessJournal.com
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