MEMPHIS, Tenn. — Millions of dollars of new investments could be heading to South Memphis and Soulsville.

Wednesday, Shelby County commissioners are reviewing some new tax incentives for those neighborhoods, part of a potential joint agreement with the city of Memphis.

The South Memphis/Soulsville TIF zone is anticipated to generate $3 million in new tax revenues over 30 years, and that amount could be as much as $12 million, according to information submitted to Memphis City Council.

That money would be used to build housing, repair infrastructure, build new public facilities and fight blight.

The one-square-mile area has seen its population decline from 6,380 in 2000 to 4,329 in 2021. Sixty-three percent of households in the area make under $25,000 a year. About 72 percent of the parcels within the area “exhibit one or more conditions ascribed to the statutory definition of a Slum Area,” the city’s report states.

Tuesday, Memphis City Council voted in favor of the measure, which calls for millions for housing and neighborhood development, as well as infrastructure improvements, blight remediation and enhanced public facilities.

An outline from the Community Redevelopment Agency includes a public greenspace near Mississippi Boulevard and Georgia Avenue, improvements to the playground at Chandler Park and a renovation of the Gaston Community Center, among other things.

A developer, Jeffrey Higgs, spoke on the community’s behalf during Tuesday’s council meeting.

“You know, we deserve this in South Memphis and North Memphis, and in other areas,” Higgs said.  “And when you think about Stax Incorporated, and LeMoyne-Owen College, they have very ambitious plans. Stax wants to do some things in their area, expansion of the Four Way and other stuff. I think that this is something that we all ought to be unanimous on, because we know how North Memphis and South Memphis looks.”

Other neighborhoods that have benefited from these types of tax incentives include Binghampton, Uptown and Raleigh.