Developers also received approval from the CCRFC for $3.5 million from the PILOT extension fund set aside to fund parking projects to pay for the public parking at the project. The Memphis City Council also approved the use of PILOT extension funds for public parking at the project.
The garage would be owned by the DMC s Downtown Mobility Authority and financed partially through the extension fund. The extension fund request also requires approval from the Shelby County Commission, city and county mayors, and the DMA.
The CCRFC approved a PILOT incentive for the first phase of the Conwood project in December 2019, which will include retail space, commercial office space and more than 100 apartments. Orgel said Tuesday work had begun on that phase and an event center being built in the area.