‹ Back To bonds
City of Memphis - TDZ Revenue Refunding Bonds
SummaryThe City of Memphis will prepay a loan made by the Center City Revenue Finance Corporation (CCRFC) to the City in 2011 and to refund and defease the Federally Taxable Senior Revenue Bonds, Series 2011A (Pyramid and Pinch District Redevelopment Project), Tax Exempt Subordinate Revenue Bonds, Series2011B (Pyramid and Pinch District Redevelopment Project), and Federally Taxable Subordinate Revenue Bonds, Series 2011C (Pyramid and Pinch District Redevelopment Project).
The proceeds of the 2011bonds were used to redevelop the Pyramid Arena from a public arena to a premier commercial and retail amenity and related purposes. The public arena was renovated and is now a retail tourism destination featuring a 300,000 SF "Bass Pro Shops Outdoor World" facility with retail space, exhibit/entertainment space, and an on-site restaurant along with an 80-room, 41,600 SF hotel.
The loan by CCRFC, and therefore the 2011 bonds, are secured by sales tax revenues from the Tourism Development Zone (TDZ). The new indenture securing the refunding bonds will allow excess TDZ revenues to be used for additional projects within the TDZ.
Projected Total Jobs: