The EDGE board voted Sept. 16 to increase tax-increment financing (TIF) for the $400 million Legacy at Countrywood project in Cordova from $23 million to $60 million. The eight-year term stays unchanged, and the revised TIF now includes some single-family housing.
The TIF is intended to fund site infrastructure, including a septic system. CCClub Holdings managing partner Jim Russell said the original financing helped pay for infrastructure and 300 apartments, 70% of which are occupied. He said complications involving Memphis Light, Gas and Water’s updated sewer system made the market difficult, creating a need for more financing.
The 175-acre development is planned to add more than 1,000 residential units and 40,000 square feet of commercial space. Continental Properties broke ground in March 2024 on Springs at Colonial, a 296-unit apartment complex at the site.
