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October 29, 2010

City Awarded Funds By U. S Departments Of Housing & Urban Development and Transportation

City of Memphis is among 62 local and regional partnerships to receive federal funding in support of projects and initiatives that have holistic and integrated approaches to connecting affordable housing, job opportunities and transportation corridors. In an unprecedented collaboration between two federal agencies, the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Transportation (DOT) today jointly awarded nearly $68 million to help stimulate a new generation of sustainable and livable communities that connect housing, employment and economic development with transportation and other infrastructure improvements.  Total funds awarded to Memphis via the collaboration are $1,260,905. 

Memphis completed application for funding as a joint effort and collaboration between City of Memphis and Shelby County Office and Planning and Development, Greater Memphis Chamber of Commerce, and The University of Memphis’ Center for Community Building & Neighborhood Action and Department of Criminology and Criminal Justice. Funds awarded will be used particularly for the development of an actionable Aerotropolis/Lamar Corridor Master Plan and initial implementation efforts to promote a more Livable Community. 

“The Memphis Aerotropolis is more than a transportation network – it is an economic development engine for the Mid-South,” said Congressman Cohen.  “These new federal funds will help Memphis maximize the economic impact of the Aerotropolis and enable us to compete more effectively in a 21st Century global economy.”

“First off, great thanks to both the U.S Department of Housing & Urban Development and the U.S. Department of transportation,” said Memphis Mayor A C Wharton, Jr.  “I could not be more pleased by the news, particularly because we recognize that airports throughout the globe are the centerpiece of the new economy.  Further, jobs and homes are the by-product of airport access and focused economic development.  An Aerotropolis area, such as what we have along the Lamar Corridor, provides the joints to the regional infrastructure skeleton and must operate without congestion points adding to travel time, emissions, and cost.”

The City of Memphis Aerotropolis /Lamar Corridor Initiative is budgeted at $2.273 million.  This $1.2 million grant will be used to fund the overall work program.  This includes:  (1) a business development professional will be hired to recruit businesses to the corridor; (2) a Real Estate Market Analysis will be performed and become a part of the overall Aerotropolis/Airport City Masterplan; (3) An Environmental Engineering Study (NEPA) phase of the project will be performed – this is the next step in continuing improvements for Lamar/I-22.  The overall budget for the project is $2.273 million, of which this $1.2 million would go towards; (4) a Commercial and Industrial Corridor/Urban Triage incentive fund designed to leverage private investment in the study area.

“This grant advances our vision for Aerotropolis and allows us to focus on opportunities surrounding our most important economic engine, Memphis International Airport,” said John Moore, President & CEO, Greater Memphis Chamber.  “This will give us the roadmap for our future.”

The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Transportation (DOT)  jointly awarded nearly $68 million to help stimulate a new generation of sustainable and other infrastructure improvements within 62 local and regional partnerships.  Memphis, along with Columbia, TN were the only two cities from the State of Tennessee to receive grants.

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