In February, the Leadership Memphis Executive Program held its economic development session to discuss strategies for driving sustainable economic growth. The class, hosted by International Paper, featured insightful presentations from Dr. Joann Massey and Ernest Strickland, President and CEO of the Black Chamber of Memphis.
Together, they provided a deep dive into the economic landscape of Memphis, the importance of public-private partnerships, and the opportunities ahead for business and community leaders to shape the city’s future.
Dr. Massey opened the discussion with an overview of EDGE’s role in driving economic progress in Memphis and Shelby County. Since its inception, EDGE has been instrumental in shaping policies and initiatives that generate tax revenue, create jobs, and attract investment. She highlighted several key programs that help Memphis remain competitive, including:
- Payment-In-Lieu-of-Taxes (PILOT): Providing tax incentives to businesses investing in Memphis, such as AAON, Inc.’s $238.5 million expansion, which will bring 828 new jobs to the city.
- Inner City Economic Development (ICED) Loans: Small forgivable loans that help revitalize neighborhood businesses. In 2024 alone, EDGE approved 20 ICED Loans, totaling over $250,000, facilitating growth in underserved communities.
- Public-private partnerships: Supporting large-scale projects like 100 North Main, a $261 million redevelopment transforming downtown’s tallest building into a vibrant mixed-use destination.
- Crime Prevention Through Environmental Design (CPTED): Partnering with the City of Memphis and the Memphis Police Department to enhance safety and security for small businesses in high-crime areas.
The session underscored the importance of collaboration between government, business leaders, and community organizations in promoting economic growth. Dr. Massey outlined ways executives and entrepreneurs can get involved, such as:
- Mentorship and workforce development: Connect with local workforce training initiatives, internships, and mentorship programs to help prepare the next generation of Memphis talent.
- Investing in local businesses: Support small and minority-owned businesses that are helping revitalize neighborhoods through retail, hospitality, and services.
- Advocating for for-business policies: Join efforts to simplify regulations, advocate for infrastructure improvements, and shape economic policies that make Memphis more competitive.
- Supporting community revitalization: Engage in neighborhood redevelopment projects, workforce housing programs, and commercial revival initiatives that improve quality of life for Memphians and drive long-term economic success.
The Leadership Memphis Economic Development session reinforced the critical role of business leaders in shaping the city’s future. Leaders like Dr. Joann Massey and Ernest Strickland are working tirelessly to break down barriers, attract investment, and create a more inclusive economy. By fostering entrepreneurship, leveraging public-private partnerships, and prioritizing community-driven growth, Memphis is poised for continued economic success.