FedExforum Reno may take 7-10 years to complete – Sports Business Journal

Mayor Paul Young told members of the Municipal Council on Tuesday that Renovation in FedExforum “It could take between seven to 10 years to graduate.” In a presentation on Tuesday, Young noted that the administration wants $ 80 million from $ 230 million to renovate FedExforum are “allocated for the arena’s capital expenditure.” This 80 million dollars “will be allocated to the sports body of MEMPHIS and Shelby County”, which runs these projects. Young also asks the city to “raise its tax on a 3,5% hotel to the maximum 4% permitted” from Tennessee. The additional increase in the semi-percentage “will go to fund” the renovation of $ 550 million FedExforum. The City Council may vote to approve the $ 80 million distribution at its meeting on February 18 (MEMPHIS BUSINESS JOURNAL, 2/4).