Almost five years after plans for a tax-increment financing district meant to revitalize the Highland strip near the University of Memphis was approved, TIF administrators noticed a problem: They weren t getting all the money they had projected.
Cody Fletcher, executive director of the University Neighborhoods Development Corporation, a nonprofit that co-administers the TIF district, said as he and other officials were reviewing the income that flowed into TIF coffers in 2018, 2019 and 2020, they noticed a number of parcels originally intended to be in the district weren t. We basically identified the fact that it wasn t performing exactly where it should be, he said. We came to realize the reason for that is there are 645 parcels in this TIF. Somehow in the creation of the TIF, there were 68 parcels that were included in the map. but they were not included in the actual list of parcels.
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