MEMPHIS, TN (WMC) - The Memphis Riverfront and Mud Island River Park are now part of Memphis' Tourism Development Zone.
City of Memphis said the state's Executive Subcommittee of the State Building Commission approved a modification to the Memphis TDZ on Tuesday.
"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 gives the city more options when it comes to redeveloping the area.
It does that by taking sales tax generated by the development projects and using them to pay for the projects. That allows major redevelopment projects to be undertaken without requiring major funding from the city's budget.
Memphis' next step toward redeveloping Memphis Riverfront and Mud Island River Park includes conducting a feasibility study for proposed projects in the area.