Downtown Memphis Parking Projects To Be Funded With A Loan

The Downtown Memphis Commission and its affiliated councils may soon be forced to secure a $ 40 million loan that will fund the Downtown Mobility Hub and the new parking lot at the Downtown Art Museum of Brooks, among other projects.

The Center City Revenue Finance Corporation, one of the affiliate boards of the Downtown Memphis Commission, is set to consider approving the $ 40 million loan, according to documents attached to the agenda. of its November 9 meeting.

“…[T]his company has received a proposal from Renasant Bank and certain other banks (collectively, the “Bank”) to lend to this company up to forty million dollars ($ 40,000,000), which loan will be payable from the fund. PILOT extension, ”a resolution attached to the agenda said.

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The $ 40 million downtown mobility hub is slated for what is now a surface parking lot bounded by Main Street on the east, Front Street on the west, Peabody Place on the north and Beale Street South. If built, the proposed six-story structure will include 975 parking spaces, approximately 13,500 square feet of retail space, and a commuter bike station with bike storage and showers.

This is a developing story. It will be updated.

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