Wiseacre brewery, Union Row projects move forward
MEMPHIS, TN (WMC) - Two Downtown projects are moving forward with the help of tax incentives.
Both got the approvals needed from the Downtown Memphis Commission for tax breaks Tuesday.
“We’re thankful for these investors who have chosen Downtown for their location,” said Jennifer Oswalt, president of the Downtown Memphis Commission.
Wiseacre Brewing Company wants to build a new location at B.B. King and Vance. It got approval for a 15-year pilot, or partial tax freeze.
“It will allow us to grow into the building and financing of this project,” said Kellan Bartosch with Wiseacre.
“We have incentive programs to bring investment into Downtown,” Oswalt said. “For a short time they’ll receive a tax abatement, but they’ll always pay more tax than they would if the project didn’t happen.”
Union Row got approval for a 30-year TIF, which allows tax revenue to go to pay off bonds taken out for the project. Unlike Wiseacre’s pilot, it will also have to go in front of the county commission and get final approval from the state.
“We’ll be meeting with legislators and hopefully the governor and he’ll see the potential for this project for Memphis,” said J. Kevin Adams, managing partner at Big River Partners.
Union Row developers hope to get final approval next week.
Both projects hope to break ground in 2019.
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