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The Memphis City Council and Shelby County Commission have approved a new structure for economic development for Memphis and Shelby County, Business Journal reports.
The Economic Development and Growth Engine, or EDGE, is a newly chartered industrial development board that will eventually consolidate a number of economic development agencies and functions of both governments. Those include the Office of Economic Development, the existing Industrial Development Board, the Port Commission, the Depot Redevelopment Authority, Frank C. Pidgeon Industrial Park, the City of Memphis Foreign Trade Zone 77 program and the City of Memphis Renewal Community program.
Memphis Mayor A.C. Wharton and Shelby County Mayor Mark H. Luttrell issued a joint statement today commending approval of the EDGE.
“Momentum for economic development and job growth in our community has been building steadily over the last year, and this will only accelerate that forward progress,” Wharton said. “The function of the EDGE will be to strategically target great companies who are a good fit for Memphis and Shelby County’s unique assets and do what it takes to bring them here. We will also be able to provide new levels of support and assistance to start-up companies and small and medium-sized businesses. The competition for great jobs and great businesses in a global economy becomes more and more intense all the time. We need an edge to maintain our advantage.”