The Historic County Commission ratified a massive public generational wealth transfer on Monday. The transfer is to support $1 billion in locally unneeded stadium construction. The vote can only be politically described as fiscally liberal corporate socialism. There is no alignment to traditional Republican or Democratic philosophy. NONE. And the wealth transfer will likely help fund local elitist trust funds for years to come.

The vote ratified the work of the Tennessee General Assembly that dedicated, through local Hotel-Motel tax reallocation, additional support for $550M in FedEx Forum renovation, which over time is estimated to cost $710M.

The Hotel Motel tax reallocation represents an estimated $480M more in local support of the 2002 built FedEx Forum renovation. The State provided a $230M grant for Forum renovation and $120M for Liberty Bowl renovation ($350M). So, for the Forum the funding breaks out like this: $230 state grant, $320M in loan principal ($550M) + $160 in estimated interest costs over 20 yrs., for a total of $710M. Add the $710M to $220M for Liberty Bowl and one arrives at almost $1B. I have tried to get a funding plan for FedEx Forum but one has not been made available.

This $550M is a staggering public price tag when compared to a recent University of Alabama (UofA) renovation plan. The UofA announced they would be spending $59M for renovation and expansion for their 1968-built Coleman Coliseum (Crimson White). FedEx Forum, at $550M, is almost 10x of that!

Public transit has been again left behind. Sadly, the Memphis Area Transit Authority (MATA), which has been seeking dedicated funding for years, was left in the dust. Local elitist interests hijacked the Hotel-Motel tax for stadiums, which could be used for public transit, through local home rule legislation in the Tennessee General Assembly.

But worse, the County Commission was made aware of the former during public comment prior to their wealth transfer ratification vote. Oddly, there were no public commenters from the social justice complex lobbying for public transit. In the end, the Commission plowed forward with a 12-0 generational wealth transfer vote without even a presented FedEx Forum funding plan or a rendering of what the Forum may look like. Just mind blowing.

Commissioners posed a few questions during ratifcation consideration and are practically answered below:

What happens if we don’t approve this? Answer: $230M is available for FedEx Forum renovation which is 4x of the Coleman Coliseum

What happens when the public steps forward with a much lower cost for a similar project than is being locally reported? Answer in practice: Blow them off.

Another just riveting reference found in writing this blog was in Wikipedia that estimates cost of constructing a new FedEx Forum to be $403M in 2023. $403M is estimated based on the original cost from when building began in 2002 of $250M (Wikipedia).

So what in the hell are they doing with $550M !?!? Nobody is asking. The County Commission does not know. Not even a project rendering was made available to the Commission. Again, $230M which is in hand and granted by the State, was 4x of Coleman Colisuem !

Memphis does not need $1 billion in stadiums. But we do need adequate public transit that is properly overseen.

Crimson White. June 12, 2024.

Shelby County Commission. July 22, 2023 - Hotel-Motel Tax Ratification for FedEx Forum (01:10:30)

Wikipedia. 7/23/24 FedEx Forum.