Alan Crone chairs the Sports Authority. It is suspected that with the $230M from the state for FedEx Forum and the local funding streams below that the Sports Authority will administer $800M in downtown centric construction funds over 20 yrs. The estimated cost of total construction is $650M. See below funding streams in addition to the $230M state grant for FedEx Forum. Keep in mind the University of Alabama recently announced plans for their 1968 built arena that is roughly the same size as FedEx Forum for $59M. Local Memphis plans are more than 10x of UofA Coleman renovation. Also Wikipedia states that the 2023 cost to build a brand new FedEx Forum to be $403M. The Sports Authority appears to be gearing up for another massive overspend of taxpayer money in Downtown at the expense of a majority black Memphis Community in need.
Pursuant to the Interlocal Agreement, the City and the County have agreed to replenish the Debt Service Reserve Fund in the event that a draw is required to make a debt service payment on the Senior Bonds. The bonds are to be repaid by the following revenue sources: seat rental fees – pledge until bonds are paid in full; sales tax rebates related to certain taxes generated by the Memphis Grizzlies – effective 2001–2031; car rental fees – pledged by the County until bonds are paid in full; hotel/motel taxes – pledged by City and County; MLGW in‐lieu‐of‐tax payments received from the City’s Water Division of MLGW ‐ pledged annually until the end of 2028. Financial statements for the Sports Authority may be obtained from the Sports Authority of Memphis and Shelby County, 2491 Winchester Road Ste. 113, Memphis, TN 38116‐3856. (City of Memphis 2022 Financials)
Known Board Members: Alan Crone – Chair, Ashley Graham, Karl Schledwitz, Julian Bolton, Kenneth Moody, Christopher Hearn, Kyle Veazey, Kristine Roberts, Charles Ewing, Rodney Douglass,
Sports Authority Projected Cash Flow (8/8/24 Meeting)
Outstanding research questions where the County H/M Tax projection is and what it is. It is suspected that the agreement for this matter has not been finalized with the County.
Other Files
#1_MINUTES (04-02-2024)_FINAL.pdf
#3_12.31.2023 Memphis and Shelby County Sports Authority – Audited Financial Statements.pdf
#4_Investments Update – QPR 2Q24 MEMPHIS SHELBY COUNTY SPORTS AUTHORITY BOARD REPORT.pdf
#6_MSCSA_Summary Cashflows (thru 07-31-2024).pdf
State Law
TENNESSEE CODE UNANNOTATED CUI| PAW Document Page (lexis.com) 67-6-712