UNDC and TIF
Dear Campus Community:
As mentioned in last week's first general faculty meeting, the University of Memphis is supporting a TIF application (Tax Increment Financing) from the University Neighborhood Development Corporation (UNDC). A public presentation was made today to the Shelby County Commissioners Economic Development Committee. We will be presenting to the Memphis City Council in the coming weeks.
As you can see from the presentation slides that are attached, the purpose of the TIF is to "improve the area surrounding the University of Memphis and promote student safety, walkability and to fully engage students in community life and retain talent in Memphis". Also as detailed, the TIF will provide for over $21 million to be invested over the next twenty years, all supporting the University District neighborhood.
This is an extremely important and wonderful step for the University of Memphis and the UNDC. Given these presentations and related discussion are public, I wanted to make sure you had accurate details. We will keep you updated as we move through the approval process.
M. David Rudd
President | Distinguished University Professor