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Posted on: July 8, 2016

MILLINGTON WELCOMES THE SHOPS OF MILLINGTON FARMS

FOR IMMEDIATE RELEASE

MILLINGTON WELCOMES THE SHOPS OF MILLINGTON FARMS

MILLINGTON, TN (July 8 , 2016) – The City of Millington, the Shelby County Board of Commissioners, and the Millington Industrial Development Board (MIDB) will host a ground-breaking event for The Shops at Millington Farms on Tuesday, July 12, 2016 at 9:30 AM. The program and reception will take place at Chili’s restaurant located at 8526 North Highway 51. Immediately following the program, the ceremonial ground breaking will take a few steps away at 8570 North Highway 51 which is the site of the development. The Shops of Millington Farms will bring 125,000 square feet of new retail space to the community through a proactive plan for economic development involving the Millington Industrial Development Board (MIDB), The City of Millington and Shelby County.

Pursuant to Title 7, Chapter 53 of Tennessee Code Annotated, the developer GMR Millington Farms, GP, a subsidiary of Ryan Commercial Properties, LLC, applied for and was granted tax increment financing (TIF) through Millington’s Industrial Development Board. The TIF, which also had to be approved by the City of Millington and Shelby County, will provide funds to pay a portion of the costs of the improvements that are needed to permit the construction and operation of the project.

“Residents who live within the trade area currently have six (6) square feet of retail shopping space per person. The national average is ninety four (94) square feet of retail space per person. By providing a wider array of retail shopping options in the City, the project will assist with economic development recruiting and expand the economic base of the City of Millington and Shelby County,” said Carey Parham, Millington Industrial Development Board Chairperson. “The MIDB was pleased to use its authority granted by the State of Tennessee to utilize the Tax Increment Financing Program to help make this project possible,” said Parham.

“On behalf of the City of Millington and her citizens, I want to thank Gil Ryan for choosing Millington as the ideal place for this retail development. I want to commend the Millington Industrial Development Board, the Shelby County Commission and Economic Development and Tourism Committee, as well as Millington’s Planning Commission and Board of Mayor and Aldermen for their proactive, collaborative approach in making this development a reality in Millington. I also would like to recognize First Citizens National Bank in Millington for their role and remind everyone that great things happen when we all work together for the betterment of Millington and Shelby County. As Millington’s Mayor, I welcome The Shops of Millington Farms to Flag City and believe this development will be the impetus for future economic growth in Millington,” said Millington Mayor Terry Jones.

The City and County will benefit as a result of the development and promote economic development in the area. According to an economic impact study by Younger Associates, “the construction of an estimated 125,000 square feet of retail property will have a one-time economic impact of over $36.8 million dollars on the Shelby County economy and will generate approximately $368,201 ($165,960 in sales tax for the City and $114,895 in sales tax for the county with an additional $87,346 from other local tax revenues…When retail operations are at full projected sales volumes, the annual local sales tax revenue generated is projected to be over $808,143. The retail operations will support a total of 484 direct and indirect jobs. The wages paid to these jobs will generate $928,726 in new local tax revenues annually.”

“I am so proud that my hometown utilized a TIF with this project because it has become a catalyst for future development in Shelby County,” said Chairman Terry Roland. “My colleagues and I, on The Board of Commissioners, have worked diligently to support The Shops of Millington Farms and in return the shopping center will help support the children of Millington and Shelby County through additional sales tax revenue to help fund our schools. This collaboration is an example of what we can accomplish when everyone works together,” said Roland.

The Shops at Millington Farms will be located at 8570 North Highway 51. Outparcels are expected to be open for business prior to December 31, 2016. The majority of the center will be completed during the first quarter of 2017. A number of well-known, national retailers that not currently located in the City of Millington will provide outstanding shopping opportunities for area-wide citizens.

“First Citizens National Bank is honored to have the opportunity to participate in The Shops of Millington Farms development. This project will have a dynamic financial impact on the City of Millington and will enhance the quality of life for Millington residents and the surrounding communities,” said Nelson Williams, Community Bank President. “First Citizens National Bank is grateful that we are able to facilitate the extraordinary vision of Gil Ryan. Additionally, The MIDB, the Millington Board of Mayor and Alderman, the Shelby County Commission and the Economic Development and Tourism Committee should be commended for their foresight and financial investment in Millington. As a locally owned and managed community bank, we welcome the opportunity to invest in our own backyard,” said Williams.

“The City of Millington and surrounding area is poised to welcome a first-class commercial development that will offer a shopping and restaurant experience that is long overdue for its patrons,” said Developer Gil Ryan. “We remain very excited to deliver The Shops of Millington Farms and are most appreciative of the collaborative support provided by the City of Millington, Shelby County, the Millington IDB, the Millington Chamber of Commerce and First Citizens National Bank. The commitment to excellence and dedication of service provided by many levels at the City and County has helped this vision become a reality,” said Ryan. The tenants will include Ross Dress for Less, Dunham’s Sports, Petco, Rack Room Shoes, Rue 21, Buffalo Wild Wings, Aspen Dental and more.


ABOUT MILLINGTON, TENNESSEE
Located just minutes from Memphis, Millington enjoys an exceptional quality of life for an estimated 11,000 citizens. Quality education, recreation and economic growth make Millington a great place to live, work and play. Millington is home to the Millington Municipal School District as well as a variety of public and private, faith based schools and various colleges, universities and technical institutions are in the area. In 2004, The University of Memphis opened its Millington Campus and offers undergraduate and graduate courses in numerous fields of study. Millington is home to Naval Support Activity Mid-South, Ingram Micro, Memphis International Raceway, USA Stadium, Mirimichi and other golf courses providing opportunities for economic growth and world-class recreation. Millington’s West Tennessee Regional Business Center, a publicly owned business and industry center, features 1900 acres of prime industrial space with easy access to the Millington Regional Jetport and the Canadian National Railroad. True intermodal transportation and shipping, makes Millington the perfect place for business. Widely known as “Flag City, USA,” Millington offers the very best of the Mid-South.

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