Tuesday, June 22, 2004

FedEx Forum Money Problems?

WMC reports that County Commissioners have requested the audits from the Sports Authority, regarding the FedEx Forum. The news is that the Sports Authority doesn't seem to have the audits from 2001, 2002, and 2003, and that even though they were requested two weeks ago, still haven't been delivered! Sloppiness, incompetence, or cover-up? I guess we'll have to wait and see.

The reason for the audit requests is that "someone" (not sure who from the reporting) wants to refinance the bonds that are paying for construction. Refinancing will cost an additional $25 million or so, on top of the $220 million originally financed. This will add to the $300 million the FedEx Forum already is costing the City and County.

I can't wait until the audits show up. How much more do you think this "great idea" for Memphis will end up costing?

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