(04-04-2012 10:42 AM)KnightLight Wrote: Here's an article from the Commercial Appeal:
Memphis City Council approves upgrades to Liberty Bowl Memorial Stadium
University of Memphis, FedEx to back $9 million toward project
http://www.commercialappeal.com/news/201...ty-bowl-m/
Excerpt:
The University of Memphis and FedEx will help fund $9 million in improvements to Liberty Bowl Memorial Stadium, according to a plan approved Tuesday by the City Council.
Under the plan, the city will apply to the state for Tourist Development Zone status for the Fairgrounds area, allowing tax revenues to be spent to pay off the bonds that will fund the improvements. Officials didn’t seem overly concerned that receiving TDZ status from the state would be difficult, but the UofM is offering a $500,000 annual guarantee over 15 years in case there is a snag and FedEx plans to cover the costs for a $2.5 million video board.
“The taxpayers are not being asked to spend one dime on these improvements to the Liberty Bowl,” said City Councilman Reid Hedgepeth, who proposed the measure.
The improvements, which officials hope are ready in time for the Tigers’ Sept. 1 opener, include:
■ $2.8 million in infrastructure, from paint to other components;
■ $1.8 million in new lighting, which would provide 30 percent more light at 50 percent of the current energy cost;
■ $200,000 to refurbish existing press box elevators;
■ $800,000 for a new synthetic turf field;
■ $900,000 to improve existing concession stands and add new ones.
The video board’s cost is estimated at $2.5 million, but that could change depending on the bids that are received. Original concepts had included two video boards, but they were scaled back. Constructing the video board, which will replace the current one on the south side of the stadium, will likely take the longest amount of time.
UofM athletic director R.C. Johnson said the new video board would be a “great big monster,” and a short video of a potential new board that was shown to the council backed him up.