Revitalizing Citywide Assets
Regardless of the neighborhoods in which Memphians live, there are common assets that all of us enjoy. Many are progressing through their life cycle to a critical point at which major repairs or renovations are necessary to maintain their usefulness and vibrancy.
AutoZone Park Capital Repair Fund $5 Million
A City-owned asset since 2014, AutoZone Park is now more than 20 years old and is carrying significant deferred maintenance.
FedExForum Capital Repair Fund $10 Million
The City and County are obligated per the terms of the 2002 Operating Agreement to maintain FedExForum to NBA standards. As the arena, which was constructed in 2004, ages, these costs are increasing annually. By placing $10 million into a sinking fund, and combining those dollars with excess bond repayment from the Memphis-Shelby County Sports Authority and funds from Shelby County, we will be able to continue to keep FedExForum among the NBA and NCAA’s best arenas while saving annual CIP dollars for other priorities.
Historic Melrose mixed use/library/housing development $10 Million
Historic Melrose is the location of the former Melrose High School building, which was built in the 1930s and closed in 1979. Since that time, the building has been vacant and the subject of many community discussions. Since 2017, the City of Memphis has worked with the neighborhood to identify a use for the building that respects the history and culture of the school and the Orange Mound Community. This investment will fund a state-of-the-art library and genealogy center in the building, which will be colocated with senior housing on upper floors.
Liberty Park youth sports complex $10 Million
As part of the larger Liberty Park development and youth sports complex, the construction of which will be funded through Tourism Development Zone bonds, this $10 million allocation will be used to construct assets on site — such as a playground, the replacement track and football stadium, and soccer fields — that will be of use to citizens of the surrounding neighborhoods of Orange Mound, Belt Line, and the Cooper-Young area of Midtown. When coupled with planned private development on the north side of Liberty Park(hotel, retail, family entertainment, restaurants), the facility will be both an asset for the neighborhoods as well as an engine for family tourists.
Mud Island River Park rehab $4 Million
Improvements to the existing amphitheater will allow that facility to come back online as a concert venue. Additional infrastructure improvements will increase the park’s visibility, improve its north entrance and rehab parking areas.
100 N. Main remediation $10 Million
To catalyze activity on the north end of Downtown, and to complement the nearby $200 million transformation of the Renasant Convention Center and the forthcoming Loews Hotel, these funds will be set aside for remedying the challenge of the vacant eyesore on the city’s skyline.
Underpass improvements $1 Million
Cosmetic, safety, and lighting improvements to a variety of railroad and street underpasses throughout the city, improving the experience and sense of safety for pedestrians and motorist
