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Didn't see this posted: Church wants to buy Pyramid - klg316 - 07-24-2008 06:31 PM
http://www.commercialappeal.com/news/2008/jul/24/pyramid-dreams/?feedback=1#comments
Church offers $12 million for Pyramid
By Jim Masilak (Contact), Memphis Commercial Appeal
Thursday, July 24, 2008
A local church has offered $12 million to buy The Pyramid, leading a joint city-county committee on arena reuse to ask Bass Pro Shops "for a firm commitment by month's end."
Shelby County Chief Administrative Officer Jim Huntzicker confirmed Wednesday that representatives of Cummings Street Missionary Baptist Church have sent letters to city and county mayors expressing interest in buying the vacant Downtown arena.
Armed with that offer, Huntzicker said his committee is asking that the city "go back to Bass Pro and ask for a firm commitment by month's end that will let us know whether Bass Pro is coming or not."
That commitment, he said, could come in the form of a firm development agreement or a deposit.
Negotiations between the city, the county and the Springfield, Mo.-based outdoors retail giant began in earnest in December 2005, but have yet to yield a deal.
With $8.3 million left to pay on the building, along with associated costs, patience is wearing thin.
"We want to get a solid commitment from Bass Pro by the end of the month," Huntzicker said. "If we don't, we will recommend to the two (local) legislative bodies that they open up the process. The church would be one of those we would consider."
Cummings Street pastor Gary Faulkner is looking for a new home for his 5,000-strong and predominantly black congregation, which has grown more than sixfold in the past 13 years. He has identified the 20,000-seat Pyramid as an ideal venue.
Faulkner believes his church can bring an "economic surge Downtown," but Robert Lipscomb, the city's arena reuse project manager, has his doubts.
"What's the economic benefit of that?" Lipscomb asked. "I still don't think that's the highest and best use for the building. You're not putting any businesses in there."
The Pyramid wouldn't be the first basketball arena to be converted into a church: The Compaq Center in Houston, Texas, and The Great Western Forum in Los Angeles are both now owned and operated by mega-churches.
While Lipscomb said he would give due diligence to any serious offer, he said similar projects in other cities have failed to inspire meaningful economic growth.
Huntzicker, however, sees potential value.
"The facility itself is a special-use facility and has some limitations," he said. "It happens that church use is one thing that can go in there without a great deal of modification and would at least be a viable use."
Huntzicker said a church is "probably not at the top of the list" from an economic standpoint. "On the other hand, we haven't had great success bringing any other options to fruition. It's a better use than leaving it empty."
RE: Didn't see this posted: Church wants to buy Pyramid - bigtigercharlie - 07-24-2008 07:30 PM
The city/county should take the 12 mill in ani nstant!!!!!!!!!!!!!
Pay off the 8.3 mill debt and refund the rest to the u of m for the money we walked away from!
Bass Pro should be told to match the CASH offer NOW or go away!
There should be no financing by the governments for either bass pro or the church. In God we trust ALL others pay cash!!!!!!!!!
RE: Didn't see this posted: Church wants to buy Pyramid - UOFMGLENN - 07-24-2008 09:17 PM
Got a feeling the City will be asked to tote the note.
RE: Didn't see this posted: Church wants to buy Pyramid - Herff Tiger - 07-24-2008 09:38 PM
Are the Scientologists into "pyramid power"? They have a lot of money.
What did that thing cost, $90-something million? Its probably worth $12 million in future taxpayers' savings to have it sitting there as a constant reminder of local politicians' stupidity whenever they come up with another scheme. Nah, its not a big enough symbol to get through the populace's hard heads.
RE: Didn't see this posted: Church wants to buy Pyramid - wolf - 07-24-2008 09:40 PM
I just don't think this is a good idea. The guy was on the news and just seemed to be talking about plans without really having a plan. I also think this would be a PR hit for the city. Surely something more viable can be housed in that structure....however I am not sure the plans at present really bring that.
RE: Didn't see this posted: Church wants to buy Pyramid - RationalRebel - 07-24-2008 11:16 PM
To quote the very old black man in the Frankie & Johnny Furniture commercials on the local NOLA stations growing up, "Letterhaveit."
RE: Didn't see this posted: Church wants to buy Pyramid - Sportsman1 - 07-25-2008 04:08 AM
It has to be turned into something touristy. I mean think about it, first thing you see- Pyramid. First thing people think of when talking about landmarks- pyramid. It has potential to really throw some extra life into the city's tourism. Not only that but if its entertainment oriented many citizens of the Mid South would go just to be at the same place so many events once happened.
Bass Pro is not any of that. I'm a fisherman ya'll, and I'll be honest, I never buy anything at Bass Pro. It is just a dumb idea even on the account of Willie Boy. It serves no benefit. A church is slightly better but doesn't offer any of the above benefactors. I'm not pushing one way or another, Im open for some good discussion. I do think it has to meet the requirements of a landmark however. The taxpayers funded it so therefore it should be something that will truly be distinguishable and not lame.
A Water park would be a unique much needed facility around here. Plus its touristy and continues the landmark status. An aquarium isn't great but its a lot better of an idea than a Bass Pro Shops. A Museum of some sorts, Maybe? Why dont we just turn into a huge Kmart for that matter if its gonna be a Bass Pro lmao. Just my two cents, in theory discussion breeds results but this is Memphis I doubt that will happen with the people in charge at city hall.
RE: Didn't see this posted: Church wants to buy Pyramid - klg316 - 07-25-2008 04:31 AM
Sportsman1 Wrote:It has to be turned into something touristy. I mean think about it, first thing you see- Pyramid. First thing people think of when talking about landmarks- pyramid. It has potential to really throw some extra life into the city's tourism. Not only that but if its entertainment oriented many citizens of the Mid South would go just to be at the same place so many events once happened.
Bass Pro is not any of that. I'm a fisherman ya'll, and I'll be honest, I never buy anything at Bass Pro. It is just a dumb idea even on the account of Willie Boy. It serves no benefit. A church is slightly better but doesn't offer any of the above benefactors. I'm not pushing one way or another, Im open for some good discussion. I do think it has to meet the requirements of a landmark however. The taxpayers funded it so therefore it should be something that will truly be distinguishable and not lame.
A Water park would be a unique much needed facility around here. Plus its touristy and continues the landmark status. An aquarium isn't great but its a lot better of an idea than a Bass Pro Shops. A Museum of some sorts, Maybe? Why dont we just turn into a huge Kmart for that matter if its gonna be a Bass Pro lmao. Just my two cents, in theory discussion breeds results but this is Memphis I doubt that will happen with the people in charge at city hall.
Downtown could use a Super Target.
RE: Didn't see this posted: Church wants to buy Pyramid - kpigout - 07-27-2008 02:32 PM
How about the city deeds it to the University of Memphis? We have an earthquake study center. We have the archeology school. Those 2 could be moved there, along with some other things I'm sure.
RE: Didn't see this posted: Church wants to buy Pyramid - RationalRebel - 07-28-2008 01:39 PM
I doubt I'm alone in saying the odds of me stepping into Cummings Street Missionary Baptist Church are probably higher than Bass Pro Shops.
RE: Didn't see this posted: Church wants to buy Pyramid - HHammerhead - 07-29-2008 12:47 PM
Do it. The move allows the Memphis skyline to keep the iconic Pyramid, the building is paid off and will be maintained, and at least there's some positive residual value to it being used as a church. As long as the church is strong enough to make the purchase and maintain the facility, it should be a long term win for the city. The Pinch District might actually see a revival with a church drawing thousands down there multiple times a week. The Pyramid certainly isn't drawing any traffic to benefit local businesses otherwise.
RE: Didn't see this posted: Church wants to buy Pyramid - HHammerhead - 07-29-2008 12:49 PM
...and I forgot to mention that Houston's Summit was converted for Joel Osteen's ministry years ago. It's worked before. The Summit isn't as iconic as the Pyramid, but as long as the building's exterior is maintained as intended, I don't see why the city wouldn't do that deal.
RE: Didn't see this posted: Church wants to buy Pyramid - covingtontiger - 07-29-2008 09:10 PM
HHammerhead Wrote:...and I forgot to mention that Houston's Summit was converted for Joel Osteen's ministry years ago. It's worked before. The Summit isn't as iconic as the Pyramid, but as long as the building's exterior is maintained as intended, I don't see why the city wouldn't do that deal.
Well, HH, you did not stop to think about WW Herenton. I don't think he sees any way that he gets a kickback from the church, or any cushy six-figure jobs to be had for his cronies.
Being in VA, you probably missed the recent news item where WW sold a house lot to a guy for $50,000. The guy is a contractor to the city, and WW just happens to control all the contract letting. Anyway, the guy gets like $750,000 worth of contracts from the city. Later he quit-claims the lot back to WW for $10.
That is why this deal won't ever happen.
RE: Didn't see this posted: Church wants to buy Pyramid - HHammerhead - 07-31-2008 12:09 PM
covingtontiger Wrote:HHammerhead Wrote:...and I forgot to mention that Houston's Summit was converted for Joel Osteen's ministry years ago. It's worked before. The Summit isn't as iconic as the Pyramid, but as long as the building's exterior is maintained as intended, I don't see why the city wouldn't do that deal.
Well, HH, you did not stop to think about WW Herenton. I don't think he sees any way that he gets a kickback from the church, or any cushy six-figure jobs to be had for his cronies.
Being in VA, you probably missed the recent news item where WW sold a house lot to a guy for $50,000. The guy is a contractor to the city, and WW just happens to control all the contract letting. Anyway, the guy gets like $750,000 worth of contracts from the city. Later he quit-claims the lot back to WW for $10.
That is why this deal won't ever happen.
I have to admit that I don't keep up with all of WH's shady dealings. Nothing surprises me and it all disgusts me. I can't say that I miss that part about Memphis. The political side of Memphis truly needs an enema. Even if someone cleaned house and started anew, it would take decades to wipe the stains of corruption out of City Hall.
RE: Didn't see this posted: Church wants to buy Pyramid - covingtontiger - 07-31-2008 08:06 PM
HHammerhead Wrote:I have to admit that I don't keep up with all of WH's shady dealings. Nothing surprises me and it all disgusts me. I can't say that I miss that part about Memphis. The political side of Memphis truly needs an enema. Even if someone cleaned house and started anew, it would take decades to wipe the stains of corruption out of City Hall.
Yep, if you looked up "crook" in the dictionary, there should be a big pic of Dr. WW.
RE: Didn't see this posted: Church wants to buy Pyramid - FCBE TIGER - 08-04-2008 01:23 PM
Churches are tax-exempt, that is the problem. The city needs something to tax to bring a financial benefit for the city.
RE: Didn't see this posted: Church wants to buy Pyramid - mairving - 08-04-2008 01:35 PM
I hear that the Bass Pro Shop is a done deal. My neighbor was on a plane with the President of BPS and he was soliciting ideas about what BPS should do at the Pyramid. Have you ever been to the one off Sycamore View? The parking lot is packed most of the time despite being in a terrible location. Tour buses routinely stop there just to look around. If you had one downtown it could be a fabulous attraction.
RE: Didn't see this posted: Church wants to buy Pyramid - mairving - 08-04-2008 01:36 PM
FCBE TIGER Wrote:Churches are tax-exempt, that is the problem. The city needs something to tax to bring a financial benefit for the city.Many businesses are also granted exempt status for a period of time just to get their business. A business like BPS would derive sales tax dollars though.
RE: Didn't see this posted: Church wants to buy Pyramid - RationalRebel - 08-05-2008 07:21 AM
FCBE TIGER Wrote:Churches are tax-exempt, that is the problem. T
The real problem is that they remain tax exempt, even when becoming staging areas for political speeches.