A plan to boost development west of the University of Memphis campus received preliminary approval Tuesday from a City Council committee.
The Economic Development & Tourism Committee voted to endorse a plan to make the Highland Strip area a tax-increment financing (TIF) district, allowing a specially created corporation to collect additional property taxes for reinvestment into the district.
The resolution could receive final approval from the council Oct. 18.
The TIF district would capture an estimated $83.4 million over 20 years, 22.8 percent of which would be reinvested in the district by the Economic Development Growth Engine, according to a presentation to council last month. The rest of the money would go to the city and the county.