Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Infrastructure topic
No spam. Unsubscribe anytime.
Committee advances private act to extend FedEx Forum funding mechanism to 2050
Summary
An amended private act to extend an existing funding mechanism through 2050 to support phased renovations of the FedEx Forum in Memphis was advanced after sponsor said the amendment avoids bond issuance; committee recorded 19 ayes and 2 present not voting.
House Bill 2,666, presented by Chairman Vaughn, would amend a private act to extend the current funding mechanism for renovations at the FedEx Forum in Memphis through 2050.
"This is a private act that cleans up language to extend the current funding mechanism until 2050 that's gonna ensure a sustainable funding source for renovations to the FedEx forum in Memphis," Chairman Vaughn said, adding the goal is to avoid issuing bonds and to phase the project with existing funds to reduce interest costs. When asked about total costs, Vaughn said estimates vary widely depending on scope and boundaries — "anywhere from gosh $2.50 to $750,000,000 by the time you get through it all."
Members asked clarifying questions about scope and fiscal implications; sponsor emphasized the role of private investment (naming rights) and the desire to save interest costs on bonding. The committee placed amendment 18,074 on the bill and advanced it to calendar and rules with a recorded vote of 19 ayes and 2 present not voting.
The bill will move forward to the next scheduling step for floor consideration.
