Wednesday, December 12, 2007

County Commission Committee Urges No More "Letters of Intent" for Bass Pro/Pyramid Deal

Posted By on Wed, Dec 12, 2007 at 4:00 AM

A County Commission committee has approved a resolution asking Memphis Mayor Willie Herenton not to sign another letter of intent with Bass Pro for The Pyramid if nothing further with the company develops before the January 31st deadline.

The commission is looking at a proposal for an $250 million redevelopment plan with an indoor amusement park and a hotel proposed by the Ericson Group.

The city and county have signed three letters of intent already with Bass Pro. The county has something of a gentleman's agreement to let the city be the lead agency in negotiating for a new use for The Pyramid.

Commissioner Mike Ritz expressed the commmittee's concerns: "The city may want to extend the letter of intent some more ... How do we keep that from happening?"

The resolution will come before the full County Commission on Monday.

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