Two Memphis-area state legislators are working on a bill that would “change the way the city and Shelby County allocate money from a hotel/motel tax” and could help fund long-term renovations at FedExForum, according to Dylan and Jones of the Memphis COMMERCIAL APPEAL. The bill, introduced by state Sen. Raumesh Akbari and state Rep. Antonio Parkinson would “direct more revenue from the city and county hotel/motel tax to the Memphis Sports Authority if needed” and the allocation would “bridge any funding gap related to FedExForum renovations” that are projected to cost at least $550M. Akbari said with the bill proposal they are “trying to do everything we can to get to the number we need to do the repairs for the FedExForum, because ultimately that's going to help us keep the Grizzlies here.” This proposed bill would not increase the 3.5% hotel/motel tax. An increase in the city and county hotel/motel tax was proposed in the original legislation last year and did not get included in a final bill that allocated $350M to the city to fund various stadium renovation projects. The Grizzlies have not publicly said “exactly how much money they need to renovate the arena,” but councilman Chase Carlisle said at a Memphis City Council meeting late last year that Grizzlies officials told city officials “they need about $550 million for the FedExForum renovations.” The city still has $230M in cash left over from last year's allocation (Memphis COMMERCIAL APPEAL, 3/11).
