Memphis City Council approves upgrades to Liberty Bowl Memorial Stadium

[TOGC]

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.

http://www.commercialappeal.com/news...iberty-bowl-m/

[MiddleTiger]

RC said the JumboTron would be a "monster" and be as big as the one at Texas. That thing is large!

http://nbcsports.msnbc.com/id/14530698/

[vatiger]

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...

[TripleA]

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...

Yep, from what I was told, the price has dropped that much.

[MiddleTiger]

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.

http://www.dailyhelmsman.com/news/li...3#.T3yRSfA9CGM

[FtWorthTiger]

http://www.commercialappeal.com/news...iberty-bowl-m/

The tax payers are paying for it. We pay our taxes, dont we? Where do they think the money comes from? It is going to be reallocated from something else and they will raise money for that. All that being said, I believe the school needs it.

[vatiger]

The tax payers are paying for it. We pay our taxes, dont we? Where do they think the money comes from? It is going to be reallocated from something else and they will raise money for that. All that being said, I believe the school needs it.

the way i read the article, the money would be going to Nashville anyway, but under this situation, we will be able to keep some of that money for public improvements... i.e. the liberty bowl improvements... but indirectly, taxpayers still pay for it in the long run perhaps that article was worded improperly

[Tiger87]

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.

[TripleA]

Isn't the commitment from the school, assuming the other route doesn't come through, $500K a YEAR, not total?

[MiddleTiger]

Isn't the commitment from the school, assuming the other route doesn't come through, $500K a YEAR, not total?

Yes, but that is only if the zone doesn't get approved, which most think will.

[TripleA]

Yes, but that is only if the zone doesn't get approved, which most think will.

I know, I was just taking issue with describing it as $500K (total), when it theoretically could be $500K a year, which throws off the math in the example.

[tigergeorge2]

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!!!

[AFTiger]

The stadium would be managed and maintained a helluva lot better if the incompetent City did not own it.

[Tiger87]

Isn't the commitment from the school, assuming the other route doesn't come through, $500K a YEAR, not total?

You're correct, I misread. It is $500k per year to guarantee the bonds - up to $6.5 million. That is only if the special tax zone falls through, or something catastrophic happens. It is also to keep the city's bond rating from being adversely impacted - which makes it a no-brainer for the city. Of course there are plenty of city officials with no brains.

[youngseige]

When will all this be completed at the stadium??

[blueblood64]

the way i read the article, the money would be going to Nashville anyway, but under this situation, we will be able to keep some of that money for public improvements... i.e. the liberty bowl improvements... but indirectly, taxpayers still pay for it in the long run perhaps that article was worded improperly

Man, that's a scary thought but true. Unfortunately, it stays in Nashville until we get competent politicians from west Tennessee to see that the money gets funnelled back to Memphis. The political machines in middle and east Tennessee will find plenty of uses for the tax dollars coming from Memphis and west Tennessee. It ain't just country music that is making Nashville the new Atlanta.