Memphis City Council approves upgrades to Liberty Bowl Memorial Stadium
The University of Memphis and FedEx will help fund $9 million in improvements to Liberty Bowl Memorial Stadium, according to a plan approved Tuesday by the City Council.
Under the plan, the city will apply to the state for Tourist Development Zone status for the Fairgrounds area, allowing tax revenues to be spent to pay off the bonds that will fund the improvements. Officials didn’t seem overly concerned that receiving TDZ status from the state would be difficult, but the UofM is offering a $500,000 annual guarantee over 15 years in case there is a snag and FedEx plans to cover the costs for a $2.5 million video board.
“The taxpayers are not being asked to spend one dime on these improvements to the Liberty Bowl,” said City Councilman Reid Hedgepeth, who proposed the measure.
so im assuming the cost of these large jumbotrons go down in price from year to year, as do the plasma and other HD tvs? Texas Board was 8Mil in 2006, is it safe to assume we will get a comparable board for 2.5M? I remember paying 2500 for a panasonic plasma and then the same TV 6 years later sells for about 700.00
Hope we get a big one like the one Texas has...
Here's some more details from the Helmsman. These upgrades are going to be very nice. @TripleA Have you heard the rumor that they will be breaking ground on the new Indoor Practice Facility in May or June? Supposedly, we have hit the $5M mark and it will be starting very soon.
Taking our country back, one incumbent at a time.
You can't fix stupid, but you can vote it out!
Well $2.5 mill from FedEx and $0.5 mill from the school. The remaining $6.5 mill from bonds that will be sold. So no direct tax money. The entertainment district means the tax dollars already being spent at the LB would go to directly retire the bonds. So no direct budgetary payments from taxpayers, but ultimately, yes, taxpayers will pay for most. Just as FedEx customers will pay for the video board.
Isn't the commitment from the school, assuming the other route doesn't come through, $500K a YEAR, not total?
I'm pumped up that they have a financial commitment from FEDEX and the University. I think the Liberty Bowl committee and the Southern Heritage Classic should pay thier rent too. Fred Jones and Steve Erhart. I'm helping finance the new indoor facility
GO TIGERS GO!!!
The stadium would be managed and maintained a helluva lot better if the incompetent City did not own it.
Another Proud Member of the Cult of 32
When will all this be completed at the stadium??