State and city leaders discuss funding for multi-million dollar renovations to FedExForum

MEMPHIS, Tenn. (WMC) - If you had half a billion dollars, what would you do with it?

That’s how much it could cost to renovate FedExForum.

You may remember last year, the state legislature gave the City of Memphis $350 million for upgrades to city sports venues. $230 million of that money is going to renovations at FedExForum, but lawmakers tell Action News 5, more is needed.

There are two proposals at the state legislature that could help fund the rest of the money needed for renovations, but they may not be necessary if city, state and county leaders can find common ground.

As Grizzlies fans shuffle into FedExForum Tuesday, discussions over renovations are shuffling through the legislature in Nashville.

“They [The Grizzlies] made it clear that they want to stay here,” said State Senator Raumesh Akbari. “I think we have to do what we need to do to make that happen.”

Sen. Akbari and Representative Antonio Parkinson are both carrying a bill that could pay the remaining balance on a possible $550 million renovation.

“We’re still kind of in a waiting pattern over here on the House side to see what needs to be done,” said Rep. Parkinson. “Hopefully all parties can come together, the Convention and Visitors Bureau, Hotel-Motel Association, the City of Memphis and Shelby County and get everything worked out so we can have some clear marching instructions to see how they want us to proceed up here at the state.”

Their bill would include “renovations” as an option for how state tax revenues are distributed. Akbari says attorneys may also say it’s not needed because state law already allows for this.

But, both Akbari and Parkinson also believe they may not even have to run that bill if city and county leaders can come to an agreement.

“Better seats, better quality seats,” said Memphian Aaron Marion. “We need more bars, some wildlife. We need a pond, We need fish in there. A Grizzly bear on the wall. Some deer, some buckheads on the wall, more food. If you do that, you can’t go wrong with doing that.”

For some Memphians, an arena renovation sounds like a good idea.

“I’d like to see more space be incorporated in the new design because I’d like to see more concerts in the city and not have people canceling on us and things like that because we just necessarily don’t have the space,” said Memphian Jada Farmer.

Another avenue to fill the funding gap could include funds from the local hotel-motel tax.

Akbari says Representative Kevin Vaughan and Senator Brent Taylor are carrying a separate bill that would use those tax dollars.

“It takes a percentage of the funds given to Memphis Tourism and diverts that towards this project,” said Sen. Akbari. “Again, I think the Grizzlies are an amazing driver for tourism, it kind of makes sense. I don’t think it’ll be forever, but it’ll just be so it’ll pay for the project.”

That bill is currently sitting in committees.

In a statement, Memphis Mayor Paul Young tells Action News 5:

Senator Akbari’s bill was rolled to next week’s Senate Finance Ways and Means Revenue Subcommittee Tuesday.

We’ll keep you updated on this story.

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