State of Tennessee tourism officials recently released their new strategic plan, and one of its key priorities was to establish the state as an amateur sports destination.
Memphis is poised to do just that with city government’s plan for a high-quality, standard-setting sportsplex at the Fairgrounds, and the best news of all is that it’s being paid for with state sales taxes.
Lost in the discussion about the Fairgrounds redevelopment project is that the amateur sports center is the fulfillment of a 25-year dream for Memphis to establish itself as a national presence in what is today an $8.3 billion sports tourism industry (that’s the industry’s terminology).
To top it off, sports tourism is a growth industry with an increase in spending of 9% and an increase of 10% the number of events when 2012 is compared to 2011. Meanwhile, sports tourism attracted 27.5 million visitors last year, and in markets our size, about 60% of the events came from outside the region.
All in all, it’s an exclamation point to City of Memphis plans to turn the 170 acres at the Fairgrounds into something that more accurately represents its potential.
Amateurs Are Big Bucks
The vision of Memphis as an amateur sports center surfaced in the late 1980s and gained momentum in the early 1990s when some Chamber of Commerce and Convention and Visitors Bureau officials made a case for our city’s stronger play for amateur sports events.
In this push, as it inevitably does in any city pursuing more amateur sporting events, the story of Indianapolis story was often cited. There, the Chamber of Commerce drove a movement to develop amateur sports tourism as a major economic development strategy.
As former Mayor Bill Hudnut often said, it was in setting out to make his city the U.S. amateur sports capital that Indianapolis was transformed into the city it is today. Jack Swarbick, now athletic director of University Notre Dame but back then, chief author of Indianapolis’ early big proposals for major events, has said it was a three-step process – going aggressively after sports governing bodies’ headquarters, building world-class facilities, and winning bids to host major championships.
In addition to the economic impact, Mr. Hudnut said that the focus, collaborative working groups, and success that came from the pursuit of Indianapolis’ amateur sports goal was channeled to other civic priorities like rebuilding the urban core and fighting blight.
Propelled by its Indy envy, Memphis and Shelby County created the Memphis and Shelby County Sports Authority in hopes that it would drive an aggressive sports agenda. The push climaxed in 1994 and 1997 when The Pyramid was the site for the Southeastern Conference men’s basketball tournament (won both times by Kentucky) and the 2001 SEC women’s basketball tournament (won by Georgia).
The Seeds of the Fairgrounds Plan
Both tournaments were cold slaps of reality to Memphis leaders, however, because cities bidding on the tournaments were required to provide huge sponsorships and absorb significant costs. Raising the money became harder and harder. Then again, by that time, the Sports Authority had turned its attention to the 2000 opening of AutoZone Park, which it was energetically supporting, and the 2001 move of the Vancouver Grizzlies to Memphis, because the Sports Authority was the financing vehicle for a new arena.
Essentially, Memphis’ sports agenda turned away from amateur sports, and because of it, the Memphis Sports Council at the Memphis Convention and Visitors Bureau was created with the idea that it would recruit major events and the Sport Authority would provide the funding. It really never came to pass, and the Council has been perpetually underfunded, but its officials continue to say that Memphis has rich amateur sports potential if it could get the right facilities.
It was into this environment that a committee was appointed in 2004 by former Memphis Mayor Willie W. Herenton and then-Shelby County Mayor A C Wharton Jr. to consider how to capitalize on undervalued and underused assets at The Pyramid and Fairgrounds. Robert Lipscomb, director of City of Memphis Housing and Community Development, was appointed as staff for the committee.
That committee broke in two – with a subcommittee concentrating on The Pyramid and the other on the Fairgrounds. The Pyramid group, chaired by businessman Scott Ledbetter, welcomed all kinds of ideas for the reuse of the former arena – from a church to an aquarium and from a theme park to world trade center – before settling on destination retail as the best way to increase tax revenues and expand the economy. The Ledbetter committee then identified Bass Pro Shops as the prime target and went after it.
The First Vision of the Future
The subcommittee evaluating the future of the Fairgrounds – chaired by Methodist Hospital executive Cato Johnson – was the first to introduce the idea of mixed uses there with an emphasis on amateur sports. Looney Ricks Kiss was hired to flesh out the concepts, and the first images of a revived, mixed use Fairgrounds were released.
“The future vision of the Fairgrounds is to build on its historic role and location as a family recreation center to become the heart of the city for children, youth, and their families,” the 2007 Fairgrounds report said. “Furthermore, it will be the place where an unprecedented diversity of Memphians can come together to recreate, learn, and grow, forming a tapestry of people that make up the ‘family’ of our great city. Both literally and figuratively, the Fairgrounds will serve as a ‘level playing field’ for all Memphians to refresh and build body, mind, and spirit while strengthening bonds with their families and community through shared recreation, entertainment, and education.”
It was a point of view that became the founding philosophy for Fairgrounds planning and a thread that runs through today’s $187 million redevelopment plans. Over the years, the sportsplex, which will be located south of Tiger Lane, has been evaluated by C. H. Johnson Consulting, and he will make the final recommendation of the types of sizes of facilities that should be built at the Fairgrounds.
Already, consultant Johnson recommended that the Fairgrounds facilities complement other regional baseball facilities to open up Memphis for larger, national competitions. He recommended 4-5 baseball diamonds; renovation of Tobey Fields; a championship baseball stadium seating about 3,000; four outdoor multi-purpose fields for soccer, lacrosse, rugby, and football, and skate park
Meanwhile, a presentation to City Council earlier this year said that the sports consultant has recommended a 5,000-seat multi-purpose building that can accommodate several sporting activities at the same time will replace the decrepit Mid-South Coliseum (the cost of downsizing the arena is cost-prohibitive) and be something akin to the HP Field House at ESPN Wide World of Sports Complex. The new multi-purpose building would be about 135,000 square feet and house multi-sport courts (eight basketball and 12 volleyball), retractable bleachers to create a championship court, team meeting rooms with lockers, and academic tutoring room.
Market Forces
The original vision of the 2007 report for a mixed use site is captured in the current plans with retail and residential components. As Mr. Lipscomb told Memphis City Council earlier this year, the final mix at the site will be dependent on responses to RFPs (Request for Proposals) for the retail part of the development.
All in all, the current flexibility of the plans at the Fairgrounds belie statements by some that treat the redevelopment as set in concrete. At this point, more than anything, it sounds like the application is about making sure the financing is in place before moving assertively toward actual development.
It has been complained that City of Memphis can’t say at this point who the developer is and what stores and restaurants will be at the Fairgrounds. Perhaps, it sounds like a chicken and egg problem to some, but the point is that before city government can send out RFPs, it needs to make sure that the money has been approved. Then, the amount and type of retail are dependent on the responses from developers.
State sales taxes from the proposed 400,000 square feet in restaurants and shops are the primary sources of funding for the redevelopment, including the $60 million in sports facilities and venues. In addition, about $2.5 million in state sales taxes (the funds are the incremental increase in sales taxes that occurs after a specific date set by state officials) collected within the tourism development zone but outside of the Fairgrounds itself will help pay for the bonds for the project. If those sales taxes were not captured for the Fairgrounds project, they would instead stay in Nashville to be spent by state government all across the state with Memphis getting about 20% of them back in state funded services and projects.
Win-Win
From the financial analysis submitted with the TDZ application, it appears that about $681,000 in local option sales taxes will also help pay for the project, increasing to about $1 million at the end of the 30-year bond term. That said, without the TDZ, city taxpayers will end up paying from the city CIP budget the $36.8 million cost of Tiger Lane, ADA improvements to the stadium, and the new turf, lighting, sound, and painting at the stadium. Those bond payments would amount to about $2.4 million a year, or put another way, city taxpayers still come out $1.5 million to the good.
The best news of all to Memphians is that the bonds for the Fairgrounds redevelopment are revenue bonds, meaning that there is no risk to City of Memphis – and no increase in city debt – because all risks rest with the bondholders. At a time when it’s next to impossible to get anyone in Nashville to pay much attention to Memphis – much less care enough to fund its needs – it’s a great opportunity for city taxpayers to get some help in the form of the TDZ investment.
All in all, to us, it seems (excuse the pun) like a grand slam to us.
I like the idea of creating a church-based function for Christ-centered meeting conventions and revivals. Make it an attraction for all who love Jesus and learning of His ways .Memphis is home to some of the biggest white and black churches in the South. Replications of The Sea of Galilee and the River Jordan could be constructed in a park like, user-friendly fashion, and on-site baptismals could be offered for the newly found faithful. Banquet facilities could be offered for serving up fantastic fish fries and chicken dinners for the faithful and the homeless as well. Temporary housing in the barracks style could be built to house the attendees. On-site weddings and receptions could be offered too.
Instead of the Memphis Fairgrounds it could be the “Memphis Faithgrounds”. Oh yes, Lord…we could really express our regional faith and put a national spotlight on what Memphis is doing to spread the Gospel of Jesus Christ.. Only if we had the community vision and togetherness, black and white, Jew and Gentile and Moslem. During the Christmas season we could set forth a powerful message of love and depict the coming of the Christ in a private non-government setting.
Televised calls unto Christ could be produced in an amphitheater. Musical groups could have a place to showcase Memphis’ new Christian talent, especially some of the new rap that is blessed to be emerging.
What a positive spectacle it would be : “The Memphis FaithGrounds” There would nothing like it in the world . Something akin to a small-scale Christian Disney learning and entertainment complex.
Memphis needs to dream bigger, much bigger. Instead of excluding COGIC, welcome their membership back…Bellevue, everyone.
Yes yes, let’s dream big, together. Blessing to us all.
No offense Reverend,
But, you should go do that with private money somewhere else. This is public land and public money. Remember the separation of church and state? Or, would you rather the state just took over the church? Taliban anyone?
This topic is right up my alley…
In answering how would the TDZ money be best spent, we seemed to quickly jump to the fairgrounds as the solution. While the sports center is a fine idea and may deserve out support (even though I question the focus on baseball when soccer represents one of the nation’s fastest growing youth sports movements), I question the retail, office, hotel and residential components being discussed. There are other ways in which this portion of the TDZ revenue could be invested including projects that would actually stand to benefit and strengthen the neighborhoods that will be supplying the vast majority of the sales tax revenue to support the project.
Surrounding business districts- most notably Cooper Young- are voicing concern regarding the potential collection of tenants at the Fairgrounds. Their concerns do have merit especially in light of Midtown’s continued glut of retail, office and hotel space. Even in hip, vibrant Cooper-Young one can still find vacant store fronts a mere block from that highly sought intersection. Surprisingly, the big box type establishments that many Midtown residents seem opposed to, might actually have the least impact on surrounding retailers as a big box would be in pursuit of a mostly different market and their purchasing habits. Target is more likely to erode the customer base of Walgreens, CVS (we could only hope), and Kroger than it is to push against Urban Outfitters, Toad Hall, Burke’s Books and Memphis Drum Shop. Still, I believe collecting tax revenue from business group A and using it to support competition in the form of introducing business group B to the market deserves a high degree of scrutiny.
This is opinion only, but I would venture that it would be the small retail locations that stand to have a larger impact on the surrounding market. Aside from the potential “big box”, we will be providing more of an existing product that one can already find in excess in the surrounding submarket. Existing spaces along Union, Madison and Cooper are already suited to meet the needs of most small retail establishments and small businesses. The introduction of new retail and office space into the market when there is already an overabundance could have the effect of absorbing those shops that might otherwise have located on an existing thoroughfare in existing or new buildings. Additional retail space would also stand to put downward pressure on rents within the surrounding market. A decline in rents will make it less likely that reinvestment in existing structures will occur or that new construction will replace aging buildings.
The city believes that the relative isolation of the site will help mitigate these effects. If we follow that line of thought, it would also lessen the chance that the development will spur additional private development in the surrounding neighborhood. If the investment must occur on land that is already publicly owned, why not utilize the TDZ funds to redevelop the Union Avenue precinct as a high density, mixed use development? Here, the investment in retail/office/residential space would stand a much greater chance of spurring additional private redevelopment on surrounding properties.
…oh, and Anon 9:32…
While I agree re: separation of church and state, we already muddied that water with the introduction of the Kroc Center considering its affiliation with the Salvation Army.
Reverend, I really think you may be onto something. However, the city is full of potential locations for such a venue. The Raleigh Springs Mall site leaps to mind.
Urbanut,
With all due respect, what the reverend is proposing moves FAR beyond the Kroc center.
Again, it would drain away the portion of the local sales increase in the area that would go to schools. And to the extent that retail spending would be shifted to that area from other parts of Memphis and Shelby County, it would result in a reduction in the local sales tax revenue for schools. jcov40
Let’s be clear. Contrary to what Cooper-Young folks said the other night, they will provide almost nothing to the TDZ. It collects the increment above the baseline of sales taxes that exist now. The Cooper-Young baseline is pretty much set and there’s not going to be an increment there to collect.
No one knows if there will be a Target in the project. The developer will determine what stores and what mix works, but without the retail, the sportsplex is dead. Memphis can become a major amateur sports center like Orlando and Indianapolis.
None of us want to hurt midtown, but we’d like to think that midtown is not so fragile that it can’t absorb retail that Memphians continue to travel to Germantown and Collierville to access. As the University of Memphis pointed out some years ago, the heart of Memphis has some serious retail needs and we think the addition of an “urban village” could bring something special that attracts young professionals and creates something unique for the core city. We also would love it if the area has the financial structure that would encourage mom and pop stores and something distinctive to Memphis.
We understand jcov40 when it comes to schools, but somehow, we have to balance the myriad responsibilities and opportunities for a city as complex as Memphis. County government should have fully funded schools in the first place, but as part of the project, Fairview will get a new gym and the school district will not have to invest in major sports facilities and venues because they can have their events at the FG. Determining the financial balance in this regard is beyond us, but it seems like children of Memphis could benefit greatly from the sportsplex.
jcov40: Since Saddle Creek in Germantown lures lots of Memphis money and Carriage Crossing in Collierville does the same, will the sales taxes collected there earmarked for education go only to those towns’ schools? If so, that would mean that Shelby County Schools are about to lose some money there, right? Not directly related, but we were interested in the answer.
Under state law, one-half of the countywide sales tax revenue (minus the part that goes to sales tax rebates and TDZs) wherever it is collected is going to the Shelby County school system this year. If municipal school districts are formed, they will receive an ADA share. The municipalities have committed to use their municipal only half-cent sales tax increases for their municipal disticts, which when formed would also receive ADA shares of the countywide sales tax revenue that by law goes to schools. In November, Memphians will vote on a Memphis-only local sales tax increase that council members say will be used for a pre-K program and a reduction in city property taxes. That half-cent increase collected in the TDZs i believe would be lost to the city just like the other sales tax increases in the areas would be lost to schools and city government. If the half-cent increase passes in the city, I believe that in the near future it will become a countywide increase, which will mean that Memphis will lose to schools half of the new revenue that city officials are projecting from the increase. The suburban municipalities also would lose half of the revenue they are collecting from the municipal-only half cents. However, just as in Memphis, the half that would be lost to the municipalities would go to schools countywide.
jcov40: Let me say this back to make sure I’m right. In all parts of Shelby County, half of the proceeds from the 2.25 local option sales will be ADA’ed to various school districts. Meanwhile, the .5 cent increase passed in the towns will remain in the town districts and is not subject to ADA.
Would this be the case if all of Shelby County ends up adopting a .5 cent sales tax increase? In other words, if the new sales tax becomes 9.75 for all of Shelby County through a series of referenda, does that then result in the .5 cent increase being ADA’ed?
And while we’re asking, what’s your prediction for the sales tax increase vote?
Half of the .5 cent increase throughout the county would be ADA’d. All of the .5 cent increase would become part of a countywide 2.75 cent sales tax. However, on the local tax, one-half of the revenue increase would be returned to cities where it was collected and the other half would go to schools on an ADA basis. I think it has a shot at passing. I think some organization or organizations probably would need to put some money into carrying out a campaign. I may write something later on the fact that if it does pass, I think it will be relatively easy to convert it and the other municipal only tax rates to countywide. If that does happen Memphis will not have $47 million in new revenue for pre-K and property tax reduction. It will have only $23.5 million. If that happens, there would be no money for a property tax reduction and the council might have to raise property taxes to fund fully the commitment they are making to pre-K.
This project is the expropriation of sales taxes from Cooper-Young, Overton Square, and the new Union Ave developments in the same way that the Heritage Trail development is the expropriation of sales taxes funds from Downtown retail. It will remove the opportunity for future Midtown projects using TDZ. To suggest otherwise is absurd. Why else does the Zone include all of the current viable retail in Midtown?
The only outcome will be the addition of ugly out of character big box stores in Midtown. (who in their right mind believes this will be filled with small mom and pop stores?)
This is not a zero sum game – we still have the opportunity to use the Midtown TDZ for something other than this project. This project sucks the life out of the TDZ funding mechanism for Midtown and gives back two very un-original, un-creative ideas – chain retail and amateur sports – how very red state in a blue part of town.
I am not convinced that the Mid-South Coliseum should be torn down and replaced by a smaller multi-purpose building and would like to read the consultant’s rationale. Where can I find the report?
Did C.H. Johnson Consulting or someone do an in depth economic feasibility analysis as basis for recommending mix of sports, retail, office and hotel facilities?
The University of Memphis study of Midtown retail potential should be updated, and several “what if” scenarios of Fairgrounds’ retail should be developed to determine the impact on other Midtown retail potential. I’m concerned that the Overton Square revitalization and Cooper/Young could be negatively affected by the Fairgrounds retail. The Memphis urban area (which includes Southaven, et al) has tended to overbuild retail and cause demise of existing facilities.
Consideration should be given to extending the streetcar line to the Fairgrounds so that families staying at downtown hotels with son or daughter playing at a Fairgrounds’ sports event would have easy connection.
I have often wondered if an International Sports Merchandize Mart would be feasible at Fairgrounds with sports venues for practically all sports to demonstrate sports equipment and be a place for training Olympic-quality athletes.
Maybe we should look at Fairgrounds as a sports center and concentrate housing, retail, office and hotel development in portion of TDZ outside of Fairgrounds.
In short, why create an urban village at Fairgrounds that will reduce attention to other parts of Midtown?
PS. I’m sorry, but I can’t follow the discussion about the sales tax. I hope it gets explained differently in another post. Then I’m going to type a brief explanation and put it in my billfold for reference.
Radcliff:
First and foremost, the TDZ revenues can’t be used except to pay the bonds for the Fairgrounds project. The zone is the catchment area for the revenues but the state sales tax rebate can’t be spent on anything but a qualified public use facility and that’s the Fairgrounds.
In other words, it can’t pay for projects away from the Fairgrounds footprint.
Memphis has two beneficiaries of state TDZs – the convention center district and the Fairgrounds – as designated by state law. .
Heritage Trail doesn’t receive any sales tax rebate, nor does its plans call for it to receive them.
The plan is not for a bunch of big box retail. There will one anchor store of 120,000 and the rest will be smaller stores.
We’re not particularly interested in whether it’s a red state or blue state idea, but we do know that it produces a lot of green.
Contrary to misinformation, Midtown does not produce a lot of sales tax revenue for the Fairgrounds. The vast majority of it is produced on-site. Keep in mind that it’s the incremental increase in sales taxes from a specific date, not all sales taxes.
Finegold:
Ask your questions about the sales tax and we’ll try to do a better job of answering them.
We agree with you about the need to update the UM reports. The region is overbuilt, but unfortunately, most of it is outside Memphis. We’d sure like for this project to have a chance to pull some of these people back into Memphis to shop.
Great idea about the trolleys. The same goes for an international sports merchandise mart. Do you have any other details about your idea?
Johnson did study of sports only. RKG did retail feasibility study. But as we’ve said, in the end, the market will decide, because once the city issues its RFP, developers will tell what the market will bear. As for the residential away from the Fairgrounds, TDZ funds can’t pay for that. It can only pay for improvements on the Fairgrounds itself.
We’ve seen two studies of Coliseum that have been done over the past seven years or so. It looked at bringing the building up to code and reducing the size of the capacity to the 5,000 that the sports consultant is recommending. We know enough about construction to be dangerous, but the big problem had something to do with the way the building is constructed. We can get an explanation if you’d like us to.
I have always liked the idea of developing the fairgrounds into an amateur sports site with retail and other amenities.
However, one of two things MUST happen in order for this project to be successful is that the city desperately needs to develop codes and ordinances (yard landscaping, aesthetics, curb appeal, lighting, signage) for ALL homeowners, renters’, landlords and businesses within a 5 mile radius within the TDZ and ENFORCE them the same way the suburbs do (warnings, fines, court appearances). For the most part, the majority of Cooper Young is in solid condition and is in compliance. But Park Ave, Southern and Airways needs to be spruced up, businesses need to be rehabbed to become more appealing, yards need to be cut(and it can be done fairly cheap) by enforcing these codes. Airways is an automatic gateway from the express way, and if visitors are flying in to attend the sporting events-driving down Airways towards the fairground is a complete eyesore and would definitely scare people off and basically places Memphis right back into the Google search stereotype.
Secondly, once assembled, the developers MUST create and ENFROCE a code of ethics for visitors that make them feel extremely uncomfortable if they are found in violation of the code. Yes, it sounds petty but there is a large sector of Memphians that lack class and decorum and enjoy “dropping off their kids” to places like this as a babysitter. We all have seen this play out with Peabody Place and other areas of the city in past decade.
Great points, R
Three points require more emphasis:
1. TDZ funds can only be used to retire revenue bonds sold to private investors to pay for public improvements to the Fairgrounds. They include streets, sidewalks, street trees and lighting, landscaping, parks, and infrastructure such as utilities. They also include the sports facilities that would be open to the public. The bond proceeds can also pay for parking lots, and for preparing sites to receive buildings that would be built by private businesses and developers.
What the proceeds cannot directly fund is the buildings that would contain the private stores, hotels, apartments, or homes that are often suggested as components of the development.
2. Those private components will be driven entirely by the market. No one, including Robert Lipscomb, can now know precisely what those stores, restaurants, or hotels will be. The private market, as represented by potential developers recruited after the TDZ has been approved, will make those decisions.
While the City and its retail consultants can offer a potential vision of the finished product, they cannot now know exactly what it will contain. Therefore any fevered angst over big box stores or unfilled office space is premature.
3. The 2009 edition of the Fairgrounds vision suggested that the majority of the development would be in the form of a new neighborhood. It would extend and knit together the surrounding urban fabric, especially Cooper-Young. The new neighborhood would attract more middle class families into Midtown, and provide a built-in customer base both for the new development, and for the existing businesses in Cooper-Young.
Not so long ago, many Memphians expressed anxiety that a redeveloped Overton Square would siphon business from Cooper-Young. Instead, more people are revisiting all of Midtown, and the Cooper-Young business district is actually adding more new businesses as a result of the increased traffic.
A redeveloped Fairgrounds, responsive to market forces, developed with a high quality of architectural and urban design character, properly marketed to appeal to middle class residents, and containing the right mix of places to live, shop, eat, learn, and earn a living, has the potential to add even more to Midtown.
Let me just say that for any number of reasons, I oppose the Fairgrounds initiative. For one thing, the report admits that most retail created will be relocated from other areas of Memphis. So this initiative doesn’t create any new retail…it merely pushes retail around on the map. So either nobody wants to rent out the retail space at the Fairgrounds (the current state of affairs at another Memphis boondoggle, Beale Street Landing), or else the businesses relocating into the Fairgrounds from East Memphis, Midtown and Cooper-Young leave huge vacancies in their former neighborhoods, because Memphis is not really growing (despite the alleged population increase). The Fairgrounds plan also includes hotels, which we are led to believe are badly needed, except they aren’t. If they were needed, there wouldn’t be an abandoned French Quarter Inn and Suites at Cooper and Madison, or the abandoned former Holiday Inn at McLean and Union. The former Marriott at American Way lost its chain affiliation, as did the Holiday Inn at Mount Moriah and I-240, which suggests that Memphis hotel occupancy is on the decline, and with the continued loss of passenger business at the airport, that is only going to continue and likely to accelerate. It may be that more hotel rooms are needed downtown, but the Fairgrounds is nowhere near downtown.
All of the things being planned for the Fairgrounds will result in the demolition of the historic Mid-South Coliseum rather than its restoration, and will eliminate parking and tailgating areas, resulting in the certain loss of the Southern Heritage Classic and the millions of dollars it injects into the Memphis economy.
And finally, the plan seems to involve “redevelopment” of the predominantly-Black Beltline neighbrohood east of the Liberty Bowl, and in Memphis, redevelopment usually means removal of Black and poor people so that housing can be built for the rich.
I also believe that if this plan were viable, there would be private developers willing to go in and do these things with private financing and a TDZ would not be necessary (nor would any other incentive). The reason these incentives are necessary is that this project is not attractive to banks and other investors, and therefore it can only go forward if the city, county or state underwrites it. Guess who’s going to be left holding the bag when it all goes bad? You got it-us taxpayers.
John:
There is not a report that says that the retail would be relocated from other areas. I believe you are thinking about the previous plan which never got executed. And we believe the developers of Overton Square for one supports this plan to make the pie larger.
There is no retail space for lease at Beale Street Landing. Apparently, you are thinking of the restaurant which another issue altogether.
The Fairgrounds does not include hotels. It has one hotel, which is supported by the events/tournaments at site and also by CBU which told the city that it would like a conference center/hotel nearby. What downtown needs are full-service hotels with more than 300 rooms, and unfortunately, there hasn’t been one of these build in 25 years.
There is little justification for the perpetuation of the Coliseum, because nostalgia is not the same as revenues. Because of the way the Coliseum is built, it cannot be downsized to the 5,000 seats that are needed for the sportsplex. In fact, we’re told it costs more to downscale the Coliseum than to build a new multi-purpose building, and the latter has more flexibility which is needed for the kinds of sports events played there.
According to the last plan we read, the number of parking spaces actually increase because there is new space purchased for that purpose.
There is no redevelopment plan for Beltline. Rather, there are improvements to the neighborhood infrastructure that resulted from a planning process there.
As for private developers, please give us a list of the projects that have been undertaken that haven’t involved public incentives. And we’ll see soon enough if you are right. If you are, no developers will respond to the city’s RFP for development or will make the $60 million or so in private investment.
City taxpayers aren’t left holding the bag. That’s the beauty of the TDZ.
Thanks for the comment.