Statistics-article-3 - Memphis will shift $42M in bonds...

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Memphis will shift $42M in bonds from Pyramid project to meet deadline By Amos Maki Friday, December 3, 2010 The city of Memphis and its partners will not be able to use $42 million in low-interest bonds for redevelopment of The Pyramid and nearby Pinch District before the end of the year and will shift those funds to other projects in need of financing. The city had planned to use $42 million in Recovery Zone Facility Bonds to revive the Pinch District and support Bass Pro Shops' project to turn The Pyramid into a regional retail and wildlife attraction. But the transformation of The Pyramid and Pinch District is still in the embryonic stages, and the city and Bass Pro could not close on the bonds by Dec. 31, as required by law. "If we had not used it, it would have been sent back, and we would have lost the low- interest bonds that can be issued for economic development," said City Council member Bill Morrison, chairman of the Operating and Maintenance Budget Committee. It isn't clear how much of the $42 million in facility bonds was slated to go toward The
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This note was uploaded on 03/27/2011 for the course FIN 3410 taught by Professor Jones during the Spring '09 term at U. Memphis.

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Statistics-article-3 - Memphis will shift $42M in bonds...

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