City, county considering Raleigh TIF district
MEMPHIS, Tenn. (WMC) - As construction continues at the site of the old Raleigh Springs mall on Austin Peay Highway, city and county leaders are working on a plan to lure private developers
Construction crews finished the lake and they've almost finished work on a new skate park, library and police station.
Despite spending $28 million, the city hasn’t had any luck luring private developers to 20 acres that has been set aside on the other side of the site.
"What I heard from developers was that they wanted to see what the city was willing to invest and how much more investment the city was going to place into the site before they took a chance," said Memphis city councilman Sherman Greer, who represents Raleigh.
Greer is working with other city and county leaders on a tax increment financing, or TIF district.
It would redirect a portion of property taxes to pay for public infrastructure, like streets and sidewalks.
Their plan also calls for a Main Street along with mixed-use neighborhoods.
"Five years from now this could be and it should be a place that we don't recognize anymore," said Greer.
People WMC Action News 5 spoke to in Raleigh on Wednesday, like Dennis Johnson and Patricia Siney, say they're hopeful about future development.
"I think it's a good thing for the kids really," said Johnson. "Keep them out of trouble, have them something to do."
"This is stuff that's been talked about for years for people to revitalize the area, so it's good that they're doing it and putting some money into it," said Siney.
City and county planners estimate the TIF district will bring in $100 million over time.
There must be a public hearing and the plan must still be approved by the EDGE Board, the city council and county commission.
Planners hope to have all of that done by the end of the year.
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