MEMPHIS, Tenn. (WMC) - The Economic Development Growth Engine board has approved a plan to spur economic development in Raleigh.
EDGE, the agency that coordinates projects for Memphis and Shelby County governments, gave the Raleigh TIF the green light on Wednesday, Oct. 16.
TIF stands for Tax Increment Financing. Portions of local taxes, in this case property taxes collected near the new $28 million Raleigh Springs Town Center, will be used to upgrade public infrastructure including streets, sidewalks and utilities.
The improvements are being made to entice private developers.
The specific Raleigh TIF district includes a stretch of Austin Peay Highway between Fairhaven and Lakehurst.
The 65-acre Raleigh Springs Town Center, going up where the old Raleigh Springs Mall once stood, is still under construction. It's going to have a new police precinct, library, large lake and skate park.
The city of Memphis earmarked 20-acres nearby for mixed-use development: apartments, office and retail.
The Raleigh TIF still needs approval from both the Memphis City Council and the Shelby County Commission.