{"id":2208076,"date":"2024-03-28T08:29:02","date_gmt":"2024-03-28T12:29:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fedexforum-renovation-funding-agreement-set-with-city-memphis-tourism\/"},"modified":"2024-03-28T08:32:41","modified_gmt":"2024-03-28T12:32:41","slug":"fedexforum-renovation-funding-agreement-set-with-city-memphis-tourism","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fedexforum-renovation-funding-agreement-set-with-city-memphis-tourism\/","title":{"rendered":"City of Memphis and Memphis Tourism have finalized an agreement to fund the renovation of FedExForum"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">32<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ffedexforum-renovation-funding-agreement-set-with-city-memphis-tourism%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2208076&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Memphis and\u2062 its convention bureau agreed on using hotel-motel tax funds for renovating FedExForum, yet specifics \u200dremain undisclosed. Rep. Kevin Vaughn confirmed funding is \u2062secured for the project. Senate Bill 2711 and House Bill 2868 were \u2063paused until the agreement \u200bwas reached. To read more, visit: [Senate Bill 2711](https:\/\/wapp.capitol.tn.gov\/apps\/BillInfo\/Default.aspx?BillNumber=SB2711) and [House Bill 2868](https:\/\/wapp.capitol.tn.gov\/apps\/BillInfo\/Default.aspx?BillNumber=HB2868&#038;GA=113)  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<div data-td-block-uid=\"tdi_78\">\n<p>(The Center Square) \u2013 Memphis and the city\u2019s convention and visitors bureau came to an agreement over hotel-motel tax funds for the renovation of the FedExForum but details of the agreement were not released.<\/p>\n<p>Rep. Kevin Vaughn, R-Collierville, said that the agreement means that the funding is in place to complete the renovation.<\/p>\n<p><a href=\"https:\/\/wapp.capitol.tn.gov\/apps\/BillInfo\/Default.aspx?BillNumber=SB2711\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Senate Bill 2711<\/strong><\/a>\u00a0and\u00a0<a href=\"https:\/\/wapp.capitol.tn.gov\/apps\/BillInfo\/Default.aspx?BillNumber=HB2868&#038;GA=113\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>House Bill 2868<\/strong><\/a>\u00a0were put on hold last week before the groups reached an agreement on the taxes.<\/p>\n<p>The bills allow Shelby County and Memphis to change the allocation of hotel-tax funds but does not change the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/5-reasons-making-taxpayers-pay-off-student-loans-is-a-rotten-idea\/\" title=\"5 Reasons Making Taxpayers Pay Off Student Loans Is A Rotten Idea\">tax rate<\/a>.<\/p>\n<p>Metropolitan Memphis Hotel and Lodging Association President Wayne Tabor\u00a0<a href=\"https:\/\/www.thecentersquare.com\/tennessee\/article_7908dcb4-e616-11ee-ae4a-a3577febc178.html\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>told the Senate State and Local Government Committee last week that<\/strong><\/a>\u00a0FedExForum renovations have a $60 million funding gap and are looking to get all of that from <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/how-taxpayers-are-footing-the-bill-for-the-construction-of-nfl-stadiums\/\" title=\"How Taxpayers Are Footing the Bill for the Construction of NFL Stadiums\">hotel taxes<\/a> that currently go to Memphis Tourism.<\/p>\n<p>The Tennessee Legislature contributed $350 million in last year\u2019s budget for renovations at the FedExForum and Liberty Bowl.<\/p>\n<p>Memphis Tourism is currently funded through the 8.5% hotel-motel tax in Shelby County. It is set to receive $12.3 million of the estimated $17.5 million that will be collected in 2023-24,\u00a0<a href=\"https:\/\/infogram.com\/shelby-county-hotel-motel-tax-revenue-collections-1h7z2lollg5l2ow\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>according to the Daily Memphian<\/strong><\/a>.<\/p>\n<p>An adjustment to the allocation of those funds would cap Memphis Tourism at receiving 61.2% of the overall hotel-motel tax collections moving forward.<\/p>\n<p>The state legislative bill would allow Shelby County to make that change.<\/p>\n<p>\u201cThis is the last dollars into the fund,\u201d Vaughan said. \u201cThis should lock up the Grizzlies for the next few decades.\u201d<\/p>\n<p>Vaughan said the deal only happened because of the \u201cgraciousness of the convention and visitors bureau.\u201d<\/p>\n<p>Memphis Tourism has $27 million in reserves, with $9 million of that <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/nfl-giving-thousands-to-defund-the-police-groups-through-its-inspire-change-program\/\" title=\"NFL Giving Thousands to 'Defund the Police' Groups Through its 'Inspire Change' Program\">funding allocated<\/a> to expenses. The group\u2019s annual budget is $14 million, according to\u00a0<a href=\"https:\/\/dailymemphian.com\/subscriber\/section\/metrocity-of-memphis\/article\/41882\/memphis-tourism-has-27-million-dollars-and-gets-tax-dollars\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>the Daily Memphian<\/strong><\/a>.<\/p>\n<\/p><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Memphis and its visitors bureau reached an accord on using hotel-motel tax funds for FedExForum&#8217;s renovation. The agreement&#8217;s specifics remain undisclosed. Rep. Kevin Vaughn, R-Collierville, noted the agreement secures funding for the project<\/p>\n","protected":false},"author":1,"featured_media":2208077,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/03\/AP23132501878196-1024x601.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2208076","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/03\/AP23132501878196-1024x601.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2208076","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2208076"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2208076\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2208077"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2208076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2208076"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2208076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}