Monday, April 13, 2009

Fairgrounds Project Faces Cuts

Council to examine new economic realities.

Posted By on Mon, Apr 13, 2009 at 12:36 PM

The proposed redevelopment of the Mid-South Fairgrounds is going to be scaled back, the chairman of the Memphis City Council said Monday.

Councilman Myron Lowery said he was briefed on the outlook by Housing and Community Development Director Robert Lipscomb in advance of a meeting scheduled for Tuesday evening at the Memphis Children's Museum next to the fairgrounds.

"Robert has told me market conditions have changed so this will no longer be a $100 million development," Lowery said.

Developer Henry Turley's proposed Fair Ground development relies on tax credits for part of the financing. His concept is a youth sports center that includes the separately funded Kroc Center. The Kroc Center is $3.9 million short of its goal of raising $25 million in private funds.

Council members have asked for details of the project at previous meetings. Lowery said all of the main players have been invited to Tuesday's meeting, which begins at 5:30 p.m.

Read the Flyer's cover story on the Fair Ground project for more details.

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