Crosstown project touted for minority participation
February 17, 2016
Memphis Business Journal
During the Center City Development Corp. (CCDC) board meeting today, a major development that receives tax incentives was praised for its accomplishments in hiring minority and women-owned businesses, in the midst of a city-wide debate about the issue.
CCDC is an affiliate board of the Downtown Memphis Commission (DMC). Board member Bob Lundy said one thing he’s seen since serving with the DMC is its commitment to minority and women-owned participation, using the Crosstown Concourse project as an example.
DMC president Terence Patterson said, as a whole, the organization is ahead of target in regard to minority participation but still has a ways to go.
The Center City Revenue Finance Corp. awarded a 20-year payment-in-lieu-of-taxes (PILOT) agreement with the Crosstown Concourse project in 2013.
Jay Goff, DMC’s vice president of planning and development, said staff has been tracking minority participation on the Crosstown Concourse project, and it has exceeded its 25 percent goal, with nearly 30 percent of construction spend going to minority- and women-owned firms.
Goff said although he hasn’t broken down the specifics of that spend, he is confident the board will be impressed by the numbers when they are presented next month.
Board member Melvin Jones said he is very interested in seeing the numbers because African Americans are often not included in the met goal.
“That project is extraordinary in every way — in size, in scope, impact, magnitude, high-impact — it is an exemplary project, and they also did an exemplary job in approaching the minority participation piece,” Goff said.
Crosstown Concourse developers are working with Michael Hooks Jr.’s Allworld Project Management LLC to coordinate minority-owned spend.