At the March 20, 2024 meeting, the EDGE Board met and approved one amended and restated PILOT (Payment In Lieu of Taxes), as well as three forgivable Inner City Economic Development (ICED) Loans built to spark revitalization in distressed neighborhoods. During the Port of Memphis board meeting, a memorandum of understanding (MOU) with the Board of Commissioners of the Port of New Orleans was signed, in addition to a resolution authorizing a sublease between Watco Transloading, LLC and Mid-South Construction Materials, LLC.
On July 28, 2021, EDGE awarded a PILOT to Atlantic Track + Turnout Co. as an incentive for job creation and an investment of more than $11 million in Memphis. Today, because of unforeseen circumstances, the company requested an amendment to its PILOT. An additional extension through December 31, 2024 was approved.
The EDGE ICED Loan program continues to thrive. Major Pieces Boutique, Uncle Lou’s Fried Chicken, and Glamour Grooming & Boarding received funds to support various building façade and streetscape improvements. Major Pieces and Uncle Lou’s were both selected to receive $25,000 for interior improvements and building expansions that are eligible under the initiative. Glamour Grooming & Boarding received a $16,000 ICED loan to revitalize a recently vacant building to be used for a new location and expanded operations.
This afternoon, the Port of Memphis, powered by EDGE, and the Port of New Orleans signed an MOU stating it is in their mutual interest to establish an alliance of cooperation aimed at generating new business by promoting the inland intermodal connectivity between the two ports by way of the Mississippi River. As stated in the document, such new business would help to increase the present level of economic growth by increasing revenues to the Port of New Orleans and optimizing freight network in the Memphis region.
“The MOU with the Port of New Orleans is a reaffirming of our longstanding relationship,” said Dr. Joann Massey, Vice President of Operations at EDGE. “As they move forward with the Louisiana Intermodal Terminal, it will be important to create connectivity to the overall economic impact of the Port of Memphis and the business entities operating within its jurisdiction – which is approximately $9.2 billion annually.”
Additionally, the Port of Memphis agreed that Watco may sublease for approximately three acres of land for ground storage, plus the space to operate a floating barge dock, to Mid-South Construction Materials. This area is part of a greater 41 acre space currently leased to Watco and owned by the Memphis and Shelby County Port Commission, Shelby County, and EDGE.