Gone Fishin' 

The city and county get closer to landing Bass Pro Shops at the Pyramid.

Bass Pro Shops might have finally taken the bait.

After a Pyramid Reuse Committee meeting last week, it seems the outdoors retailer is close to signing a deal for the former arena.

Though a July 31st deadline passed without an agreement between Bass Pro and local government, attorneys for both parties say they have reached a "pre-development agreement."

Though the agreement is only verbal, reuse committee members decided to extend the agreement deadline to September 15th.

Shelby County chief administrative officer and Pyramid Reuse Committee head Jim Huntzicker hopes to see the details of the development agreement soon.

"If we're talking about getting something going by the end of this month or early September, we need to have the papers in front of us in the next day or so," Huntzicker told the committee. "We need to have the agreement in our hands. It's going to take time to review all the materials."

Once the development agreement is signed, Bass Pro will have a year to complete and sign a lease agreement. Under the development agreement, Bass Pro will pay $35,000 a month for the Pyramid. The company also will have three months to reach certain architectural, engineering, and budgetary deadlines.

Shelby County commissioner Deidre Malone is a member of the negotiating team.

"If at any time we feel that they are not moving forward in good faith, we can say that we want out," she says.

If either party does opt out after the development agreement is signed, Bass Pro will be required to pay $500,000 to the city in termination fees.

Malone recently participated in a conference call with Memphis mayor Willie Herenton, City Council member Reid Hedgepeth, and Bass Pro president Jim Hagel.

"Jim Hagel made it very clear to us that the lawyers were comfortable with the agreement, and if they were to get it to him the next day, he'd sign it because he's ready to come to Memphis," Malone says.

Pyramid reuse project manager Robert Lipscomb says bringing in Bass Pro Shops will make Memphis a huge tourist destination.

"This, along with Graceland, will make us the next tourist mecca," Lipscomb says. "Memphis is on the move, and this is going to put us over the top."

Since Bass Pro has been given an extended deadline, any other Pyramid offers — including a $12 million bid from Cummings Street Missionary Baptist Church — have been tabled for now.

Keep the Flyer Free!

Always independent, always free (never a paywall),
the Memphis Flyer is your source for the best in local news and information.

Now we want to expand and enhance our work.
That's why we're asking you to join us as a Frequent Flyer member.

You'll get membership perks (find out more about those here) and help us continue to deliver the independent journalism you've come to expect.


Favorite

Speaking of Bass Pro Shop, The Pyramid

Comments

Subscribe to this thread:

Add a comment

ADVERTISEMENT
ADVERTISEMENT

Blogs

We Saw You

Indie Film Fest, Grilled Cheese Fest, Adapt-A-Door and more!

Tiger Blue

Tigers 109, Yale 102 (2 OT)

Tiger Blue

Tigers 28, SMU 18

Beyond the Arc

Grizzlies Defeat Kings 112-104

Hungry Memphis

Zopita's on the Square to open Nov. 19

Hungry Memphis

Little Italy Opening Downtown

News Blog

Seven Vie for Vacant District 1 Council Seat

News Blog

Group of White Women Test Mall’s No Hoodie Policy

Hungry Memphis

The Nine Now Open

Fly On The Wall Blog

What’s Kids in the Hall Co-Founder Kevin McDonald Doing in Memphis?

ADVERTISEMENT

More by Shara Clark

Readers also liked…

ADVERTISEMENT
© 1996-2018

Contemporary Media
460 Tennessee Street, 2nd Floor | Memphis, TN 38103
Visit our other sites: Memphis Magazine | Memphis Parent | Inside Memphis Business
Powered by Foundation