MEMPHIS, Tenn. — Renovations to Memphis' biggest sporting venues took an important step to becoming reality Tuesday, when Memphis City Council unanimously voted to approve $350 million in the form of a Tennessee House grant for the project.
Memphis City Council approved the funding, which will go to sports venues like the FedExForum and Simmons Bank
Liberty Stadium, in a 10-0 vote, with no members abstaining from the vote.
The funding is to be held in an interest-bearing and investible account "in order to provide maximum opportunity for return on investment for further use of funding for the intended purposes," according to the resolution outlining the decision.
In May, Mayor Jim Strickland spoke with ABC24 about finalizing plans for the funding before his departure from office. He said upgrades to FedExForum are linked to extending the Memphis Grizzlies' commitment to stay in Memphis beyond the current agreement, which expires in 2029.
"A long-range deal is absolutely a requirement, and the Grizzlies want to stay in Memphis, and they are committed to staying here, so it has got to both be tied together," Mayor Strickland said.
Strickland also said he hopes construction can start at Simmons Bank Liberty Stadium in January 2024 and at FedExForum after the NBA season.
Though plans on exactly how the funding will be divided have yet to be released, sports fans ABC24 spoke with last month said upgrading stadiums for both the Tigers and the Grizzlies will be the best thing for Memphis.
