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State approval means step forward for riverfront
State approval means step forward for riverfront
Posted on 05/22/2018
A state body approved a modification of the City of Memphis’ Downtown tourism development zone (TDZ) Tuesday, paving the way for major new developments.

The Executive Subcommittee of the State Building Commission approved adding the riverfront and Mud Island River Park to the original TDZ, which already includes the Pyramid, Pinch District and Cook Convention Center.

“Today’s approval is a major step forward in our momentum and in building a world-class riverfront — one that both Memphians and visitors to our city will enjoy,” Mayor Jim Strickland said. “We’re grateful for the help of Department of Finance and Administration Commissioner Larry Martin and all of the constitutional officers who worked with the City to make this a reality.”

The TDZ modification allows for potential redevelopment projects at Mud Island River Park and a proposed cultural center — the planned move of the Memphis Brooks Museum of Art — at Front Street and Union Avenue. The City’s next step is to conduct feasibility studies for the new projects, which will also require significant private investment.

Current projects in the Downtown TDZ include the Pinch District, Bass Pro Shops at the Pyramid, and the renovation of the Cook Convention Center.

A TDZ captures sales taxes generated by the project to pay for the project. This allows major projects, such as the Bass Pro Pyramid, to be completed without having any impact on the City’s operating budget.
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