An arena Pyramid scheme in Memphis?

The Pittsburgh Post-Gazette ^ | Friday, July 18, 2003 | Milan Simonich

[Willie Green]

Only 12 years ago, Memphis, Tenn., opened a $69 million arena, the Pyramid, that was supposed to satisfy generations of sports fans and invigorate the downtown district.

Developers said it would attract a music hall of fame, a Hard Rock Cafe and a steady supply of visitors who would ride to the top of the arena, 321 feet above the banks of the Mississippi. The building would provide 19,000 seats for basketball and even more for stage shows. City boosters called the Pyramid "the ninth wonder of the world."

[Alberta's Child]

Any city that provides a nickel of financial support for something as extraneous to the well-being of this nation as a sports venue is asking for trouble. One of the few success stories in New Jersey over the last year or so has been the demise of an idiotic plan to build a taxpayer-funded arena for the NBA's Nets and the NHL's Devils.

Here in this corner of the country the "problem" is exactly the opposite of what Memphis is facing -- we can't even find more than a dozen people who would give a sh!t if every sports team in this region disappeared tomorrow.

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[Wolfie]

Come on Willie, you better than anyone should know the economic miracles new tax-payer funded stadiums can perform. After all, Heinz Field and PNC Park reallly pulled Pittsburgh out of the hole, didn't they?

[E Rocc]

Come on Willie, you better than anyone should know the economic miracles new tax-payer funded stadiums can perform. After all, Heinz Field and PNC Park reallly pulled Pittsburgh out of the hole, didn't they?

Actually there have been success stories with these facilities. I've heard Lansing's and Akron's have worked out very well, and Jacobs Field/Gund Arena certainly revitalized that section of downtown Cleveland, albeit somewhat at the expense of other parts. The fact is, public arena financing is like tax abatement: the genie is out of the bottle and no one is putting it back in. If one locale won't do it, others will.

IIRC the Pyramid in Memphis was built to attempt to get the Rock & Roll Hall of Fame. You might want to actually have a commitment before building something like that.

-Eric

[Loyalist]

Isn't it amazing how municipal governments keep falling for that same old line that a new stadium will attract all manner of business to the area?

[vetvetdoug]

Memphis is a dying city. The city continues to lose its tax base via white flight and the ones that are going to spend money at an arena have left Memphis long ago. Memphis has a dangerous downtown due to the ethnic crime. Most of those that live close to the downtown area are just waiting for another reason to riot so they can loot what's left.

[Extremely Extreme Extremist]

Hey Willie - you're posting an article on BUILDING and EXPANDING - there's no layoffs or downsizing in the article :-)

[ServesURight]

You know that taxpayer-financed playgrounds have reached a new low when even the legendary Green Bay Packers begged Brown County taxpayers to foot the bill for a $300M+ renovation of Lambeau Field that's going to be obsolete by the end of the decade.

[HeadOn]

Ping!

[lelio]

Even so, Memphis and Shelby County politicians said the expense of a new arena was necessary to land the marquee names and international exposure of the NBA.

Hm. I wonder if he'll fund an arena for me as he'll get the international exposure of The Lelio Experience.

[Willie Green]

After all, Heinz Field and PNC Park reallly pulled Pittsburgh out of the hole, didn't they?

Maybe they can pay for themselves if the Pirates and Steelers are granted licenses for slot machines.
Just don't let Mario find out about the deal,
he'd want in on it too and the market would become oversaturated.

[BlkConserv]

Memphis is a cancer on the beautiful state of Tennessee; it's appropiately located at the extreme SW corner so it doesn't infect the other cities.

[GailA]

Vetvetdoug hit the nail on the head...high taxes, high crime and BAD schools...equal not only white flight but all decent folks regardless of color too. Last Sunday's Comic Appeal had an article about the HIGH cost of housing driving out the high money makers...to be replaced by lower income...does not compute...how can those of lower income affore TO HIGH PRICED housing that upper income folks can't afford?

[BoilermakerCAengineerguy]

I lived in Memphis (Germantown) during High School, 10+ years ago. Back then, I would have been in full agreement that Memphis was a "cancer" on the state of TN.

After not even visiting for several years, however, I went back a couple of weeks ago to visit family. I was very impressed with the revitalization taking place in the downtown Memphis area. The new arenas, Beale Street, Peabody Place, Harbor Town, etc. are all beautiful -- the city has come a long way in just 10 years. Granted, I am not informed about the financial/political issues involved, but from my "outside looking in" perspective, it appears that things are looking up for Memphis.

Here are a few websites that show off some of the newer developments... http://www.peabodyplace.com http://www.memphishomezone.com/harbor_town.htm

[Maigrey]

The developer sold the idea on making Memphis more "upscale" with building the theme of Memphis in the arena. It failed miserably, and now the peons of the city will have to contine paying the bills for another arena. The Pyramid will become wasted space within 5 years. (and I hope that it falls into the river and recreational divers use it for a ecohabitat!)

[Maigrey]

What's also going on is the desperate land grab of the city and county leaders to maintain the tax base for the county for the illogical social programs which are a major drain on the city tax reserves.

Besides funding the city schools at ~ $5000/student/year for 100000+ kids, there is no accountability and demand on their skills. (I've got relatives in the system as we speak)They took the federal initiative of Leave No Child Behind and said, let's dumb it down even further, and ignore the smarter kids. That way, we can scream for even more $$$ to get the kids to do even better.

At some point, the social programs that the people of the county mandate (welfare, WIC, daycare subsidies, free schools and free meals within the schools) are going to bankrupt the rest of the social programs through corruption and vice that the moderates and socialists are going to scream, We need more money. It's for the children!

And the way to expand the tax base: bring in wealthy athletes who will pay some taxes to fund the rest of the peons.

[GailA]

Which is why they want a pay roll tax..all those MILLIONS those B-Ball players have and they can't tax it.