The EDGE Board met on September 18 and approved one Commercial Property Assessed Clean Energy and Resiliency (C-PACER) request for One Memphis Place and an Inner City Economic Development (ICED) Loan for Esquire Investments LLC. A PILOT Performance Review & Compliance Committee Meeting included a presentation of the 2023 PILOT Performance Report.
The C-PACER program assists property owners reduce costs while minimizing development impact, energy consumption and public infrastructure. This a privately financed economic development tool that does not require reduction of taxes, grants, or other public funding.
“This is a transformative tool for driving sustainability and energy efficiency in commercial projects,” said EDGE President and CEO Dr. Joann Massey. “One Memphis Place is a shining example of how C-PACER empowers property owners to make long-term investments in energy efficiency, reducing costs while contributing to a greener, more sustainable community.”
The PILOT Performance Committee and EDGE Board of Directors heard the 2023 PILOT Performance Report from compliance staff. More than 90% of the companies with an active EDGE PILOT over-performed on their commitments in the various categories of jobs, wages, capital investment, and local MWBE spend. Since EDGE’s inception, over $731 million has been spent with certified MWBEs and local companies.
The EDGE Board finalized by resolution the appointment of Dr. Joann Massey as the President and CEO. Dr. Massey will oversee all operations and programming for EDGE and its affiliates including the Port of Memphis. She takes the helm as the Chief Economic Development Officer for Memphis and Shelby County.
Carlissa Shaw, co-owner of Esquire Investments LLC, was awarded a $25,000 ICED Loan to fund renovations at 243 Adams Avenue during the Economic Development Finance Committee Meeting. The goal of this project is to transform the building into a state-of-the-art coworking space specifically designed for legal professionals. This innovative workspace will serve as a hub for legal practitioners, offering modern amenities, collaborative environments, and resources tailored to the unique needs of the legal community.
Esquire Investments anticipates steady growth in membership and revenue as the coworking space establishes itself. In the first year, they project an occupancy rate of 70%, with a goal to reach full occupancy by the end of the second year. Throughout the next six months, renovations will include work on the building façade, interior renovations, and streetscape improvements.