Memphis to vote on revised stadium funding plan

The city of Memphis and Univ. of Memphis are "working on an amended letter of intent" that will "resolve some City Council concerns about the deal" that would fund renovations of Simmons Bank Liberty Stadium and transfer ownership of the stadium from the city to the university, according to sources. The new agreement "would help clear the way" for the city council to approve the overall stadium deal at today's meeting. The deal would formally allocate $120M for renovations. The updated LOI "will include at least three new stipulations," according to the sources: 

• A new committee that will meet to "discuss the progress of the stadium renovation and possibly continue after it's completed."
• New "multiyear agreements" with the Southern Heritage Classic and AutoZone Liberty Bowl.
• A clause that would" allow the city to buy back the stadium for $1 if the university ever wanted to sell it" (Memphis COMMERCIAL APPEAL, 12/18).

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