Grocery projects receive PILOTs

The EDGE board approved its first two Community Builder PILOTs, which will be used to help lure grocery stores to the Binghamton and Uptown neighborhoods.

The Binghampton Development Corp. received a property tax break estimated to save $1.86 million over 15 years. It was approved Wednesday by the Economic Development Growth Engine for Memphis & Shelby County board.

The nonprofit community development corporation plans to invest more than $6.8 million for a proposed 48,565-square-foot Binghampton Gateway Center at Tillman Street and Sam Cooper Boulevard that would be anchored by a “national value grocer.” A “national household goods retailer” is also planned.

The development corporation has a signed letter of intent for a grocery store. Construction of the first phase, a 16,325-squarefoot grocery space and the 10,000-square-foot household goods retailer, is expected to begin next spring and take about 12 months.

MLB-Uptown LLC, a tax-exempt organization, received a 15-year tax break estimated to save about $945,500 for a plan to land a grocery store at 544 Jackson Ave., formerly a Chism Trail grocery store.

A total capital investment of about $5.2 million is planned for the project.

EDGE created the Community Builder Payment In Lieu of Taxes program this year as a five-year test for steering property tax breaks normally targeting industrial, corporate investment for use in distressed areas of Memphis and unincorporated Shelby County.