Using the PILOT Extension Fund, the Downtown Memphis Commission makes loans, for effectively private parking garage construction, at below market rates. This table attempts to reveal the effective grant amount when the below market loan terms are compared to commercially available terms.
The conclusion here is that Memphis Shelby taxpayers have granted development groups, involving Orgel, Hyde and Carlisle $17M for private garage construction. As if that were not enough, these loans are coupled with multiyear tax abatements on associated developed property.