Memphis PILOT Program Position

BOMA Memphis members own or manage over 70 million square feet of Memphis ad Shelby County commercial real estate. We are affiliated with BOMA International whose 19,000-plus members own or manage more than 9 billion feet of commercial properties in North America and abroad.

Boma Memphis strongly supports the proposed changes to the PILOT program as already endorsed by the Shelby County Commission.

The policies implemented in 2007 to prevent Memphis residents from shouldering too much of the PILOT's tax burden have ironically put Memphis residents at a sever disadvantage as Shelby County has been losing new industry to DeSoto County and other surrounding communities. The PILOT program enables Memphis to compete with other markets that can waive state income taxes to lure new business and industry, yet with the current restrictions, we are clearly unable to utilize the PILOT as an effective incentive tool.

Economic development for our community must be actively encouraged; by not acting now we will maintain the current trend of lost opportunity for business development, job growth, and tax revenue in our city.

Because the PILOT matrix ensures the tax freeze be only as generous as the company's combined capital expenditures and worker compensation, it is clear that such incentives can only help our residents and community at large. We believe that these changes are vital in helping to ensure that Memphis remains competitive with peer markets in attracting new industry.

Therefore, on behalf of the 120 members of BOMA Memphis, we as and encourage you to vote for the changes to the PILOT program.