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Saturday, April 17, 2010
Almost
I was downtown and I heard someone singing. I don't know if it was the far lady, but it wasn't a familiar voice.
Memphis and Bass Pro working on lease for Pyramid, Wharton says
After five years of talks, city officials and Bass Pro Shops representatives are finally putting pen to paper and negotiating a long-term lease for The Pyramid.
"They're actually working on a lease," Mayor A C Wharton said of the significant step toward turning the shuttered arena into a mixed-use facility designed to attract visitors from across the region. "As you can imagine, with a project of this magnitude, it's more than a three-page lease.
Search our databases "There are no major hurdles we see now."
Wharton spoke to reporters following a face-to-face meeting at City Hall with Bass Pro Shops president Jim Hagale and other city officials involved in the project. Company founder Johnny Morris joined the meeting by phone. It was closed to the media, and Hagale could not be reached for comment.
Bass Pro and city officials are considering an initial 20-year lease on the building, with seven renewal periods of five years each. The Springfield, Mo.-based retailer plans to turn the unused Pyramid into a $100 million regional center with retail shops, restaurants, offices and a Mississippi River exhibit.
City officials and others involved in the project were excited about beginning work on the lease.
"I feel better than I ever have" (about the Pyramid deal), said Robert Lipscomb, the director of Housing and Community Development who has been the point man on negotiations with Bass Pro since 2005. "We've always had issues, but to a large extent they have been solved."
Wharton said the project had evolved and that in addition to Bass Pro's plans to transform The Pyramid, Memphis-based Poag & McEwen Lifestyle Centers will be involved in redeveloping the nearby Pinch District.
"We don't want The Pyramid to exist as an island unto itself," said Wharton.
Bass Pro and Memphis officials have been in negotiations since late 2005.
In February 2009, the city signed an agreement giving the company until Dec. 31, 2009, to finish planning and gathering the necessary permits before signing a long-term lease. In December, the City Council agreed to extend the agreement until March 31.
Bass Pro has been paying the city $35,000 a month since signing the 2009 agreement and had committed to paying a $500,000 penalty if it pulled out of the deal.
"That will continue until we turn the building over to them," Wharton said.
On Monday, the state Building Commission gave tentative approval to the city's request to allow state sales tax revenue collected in a Downtown "Tourist Development Zone" to help pay for refitting The Pyramid.
The TDZ allocates increased collections of tax revenue from businesses within the zone to specific public-use facilities, such as the Memphis Cook Convention Center.
Even though negotiations have dragged on for nearly five years, Wharton said he is still hoping for a November 2011 Pyramid opening date.
"Even more important than developing it quickly is developing it correctly," he said. "Things are on course and going well."
I was downtown and I heard someone singing. I don't know if it was the far lady, but it wasn't a familiar voice.
Wheroev you are, since you take the time to comment on my blog. Respond in English.
ReplyDeleteMemphis and Bass Pro working on lease for Pyramid, Wharton says
ReplyDeleteAfter five years of talks, city officials and Bass Pro Shops representatives are finally putting pen to paper and negotiating a long-term lease for The Pyramid.
"They're actually working on a lease," Mayor A C Wharton said of the significant step toward turning the shuttered arena into a mixed-use facility designed to attract visitors from across the region. "As you can imagine, with a project of this magnitude, it's more than a three-page lease.
Search our databases
"There are no major hurdles we see now."
Wharton spoke to reporters following a face-to-face meeting at City Hall with Bass Pro Shops president Jim Hagale and other city officials involved in the project. Company founder Johnny Morris joined the meeting by phone. It was closed to the media, and Hagale could not be reached for comment.
Bass Pro and city officials are considering an initial 20-year lease on the building, with seven renewal periods of five years each. The Springfield, Mo.-based retailer plans to turn the unused Pyramid into a $100 million regional center with retail shops, restaurants, offices and a Mississippi River exhibit.
City officials and others involved in the project were excited about beginning work on the lease.
"I feel better than I ever have" (about the Pyramid deal), said Robert Lipscomb, the director of Housing and Community Development who has been the point man on negotiations with Bass Pro since 2005. "We've always had issues, but to a large extent they have been solved."
Wharton said the project had evolved and that in addition to Bass Pro's plans to transform The Pyramid, Memphis-based Poag & McEwen Lifestyle Centers will be involved in redeveloping the nearby Pinch District.
"We don't want The Pyramid to exist as an island unto itself," said Wharton.
Bass Pro and Memphis officials have been in negotiations since late 2005.
In February 2009, the city signed an agreement giving the company until Dec. 31, 2009, to finish planning and gathering the necessary permits before signing a long-term lease. In December, the City Council agreed to extend the agreement until March 31.
Bass Pro has been paying the city $35,000 a month since signing the 2009 agreement and had committed to paying a $500,000 penalty if it pulled out of the deal.
"That will continue until we turn the building over to them," Wharton said.
On Monday, the state Building Commission gave tentative approval to the city's request to allow state sales tax revenue collected in a Downtown "Tourist Development Zone" to help pay for refitting The Pyramid.
The TDZ allocates increased collections of tax revenue from businesses within the zone to specific public-use facilities, such as the Memphis Cook Convention Center.
Even though negotiations have dragged on for nearly five years, Wharton said he is still hoping for a November 2011 Pyramid opening date.
"Even more important than developing it quickly is developing it correctly," he said. "Things are on course and going well."
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