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City of Memphis Accelerate

Summary

Through Accelerate Memphis, the City of Memphis will issue approximately $200 million in bonds to facilitate catalytic community projects intended to accelerate growth by improving quality of life, driving equity and inclusion, improving connectivity, and solving stubborn problems throughout the City.

The Current Interest Bonds will be issued to provide funding for the following Accelerate Memphis Projects:

The City is committed to making investments in affordable housing that support the needs of Memphis residents. $7.5 million will be used to fund grants through the Memphis Affordable Housing Trust Fund.

AutoZone Park, home to the Memphis Redbirds and the Memphis 901 FC, opened 21 years ago in April of 2000 and is in need of repair. $5 million will be used to fund capital repairs to the facility.

FedExForum, home to the Memphis Grizzlies and the University of Memphis Men’s Basketball, opened in September 2004 and is in need of capital repair. $10 million will be reserved to fund capital repairs to the facility over the next few years.

With $10 million in funding from Accelerate Memphis, Historic Melrose will become a state-of-the-art library branch and genealogy center located in the first floor. The second and third floors will be renovated as a “warm-lit-shell” pending further determination by City administration. Up to $5 million in Current Interest Bonds proceeds will be used for the upper floors.

Bond Amount:

$25,000,000

Projected Total Jobs:

Not applicable

Total Investment:

$200,000,000