http://www.commercialappeal.com/news/200...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."