Weekly Update

Friends,

Earlier this week, we received some very exciting news when Governor Lee delivered his State of the State. As you may remember, part of our legislative requests this year was that the Governor include $350 million to renovate FedExForum, Simmons Bank Liberty Stadium, and AutoZone Park and to construct a new soccer stadium for 901FC. I am excited to say he included every penny.

Why it matters to Memphis, Shelby County, and State of Tennessee:

• Keeps the Memphis Grizzlies (contract expires 2029), Memphis Redbirds, and Memphis 901FC
• Better positions University of Memphis for conference realignment
• Increases jobs, sales tax revenue, and economic activity in Tennessee (i.e., concerts, corporate events, festivals, professional and major college sports)

Local funding facts: Continues existing, non-general fund revenues, like: Facility generated sales tax, Visitor Revenues (hotel motel tax), and a Rental Car Tax.

 

One-time impact from capital investment: $1.3 Billion in economic impact

 

15-year total impact from operations and construction: $21.1 Billion in economic impact

 

15-year total revenue to state from sales tax collection: $539 Million in sales tax revenue back to the State of Tennessee

 

Annual Economic Impact per facility after Construction:

 

Simmons Bank Liberty Stadium: $182 Million

 

Memphis 901FC Stadium: $86 Million

 

AutoZone Park: $120 Million

 

FedExForum: $679 Million

I want to say thank you to Governor Lee and his administration for including this historic request in his budget. We have spent the last year specifically working on and socializing these projects with the Governor's Office, Lt. Governor McNally and Speaker Sexton, as well as other leaders in the House and Senate. Equally as important, we have been building and cultivating these relationships for the last seven years.

While this news is truly historic for our city—our work is far from over. We still must get the three tax authorizations extended and approved (equally as important as getting the money in Governor’s budget).

We will continue to meet with members of the legislature over the next several months to demonstrate why these projects are worth investment, and how they will positively affect Memphis and the State as whole.

Got your tix yet? As you may have seen earlier this week, the USFL released its second season schedule, and our Memphis Showboats are front and center. Their first game will be held Saturday, April 15, 2023, at Simmons Bank Liberty Stadium.

I have so many fond memories of going to these games in the 80s. The atmosphere was amazing. The spring weather was beautiful. They had quality football, and it was an overall great experience. I know this time will be no different, and I look forward to going to the first game.

Go here to reserve your tickets.

MSS Steel Tubes USA: MSS Steel Tubes USA LLC announced earlier this week it will be creating 129 jobs at a new, $6 million manufacturing plant in Memphis. The company uses an induction welding process to turn flat steel into tubing that can be used in numerous ways, including as support structures for solar panels.

We’re so happy to welcome MSS Steel Tubes USA LLC to Memphis. Bringing good jobs to our community is always a top priority, and with this announcement, that’s exactly what we’re doing. Thank you to MSS Steel Tubes USA LLC and their team for this investment in Memphis.

Largest in city history: St. Jude Children’s Research Hospital—one of our city’s most valuable assets—continues to deliver on its mission “to advance cures, and means of prevention, for pediatric catastrophic diseases through research and treatment”.

Earlier this week, St. Jude filed two construction permits to begin the process of erecting two new towers on its campus—a 15-story outpatient clinic building and another 15-story clinical office building. Once construction is completed, the two towers are expected to cost more than $1 billion—the largest project by dollar amount in our city’s history.

This is exciting news for St. Jude, its patients who benefit from its live-saving research and care, and for our city for the continued reinvestment in the Pinch District downtown. We’re lucky that more than 60 years ago, the founder Danny Thomas decided to locate and build this life-changing institution right here in Memphis.

While it has been a very difficult several months for our city and there will no doubt still be hard days ahead, it’s important to notice that there are many, many good things happening every day all around us. Sometimes we just have to take step back and remember to see them.

Enjoy your weekend!

Yours,