City Council approves two key funding measures for $550 million FedExForum renovations
The Memphis City Council voted in favor of two measures on Tuesday, March 18, to allocate more funding for the proposed $550 million FedExForum renovations.
The City Council approved a resolution transferring $80 million from the City to the Memphis and Shelby County Sports Authority. The resolution transfers that $80 million of the $230 million in State of Tennessee funding allocated for FedExForum renovations toward capital expenditure work at the arena.
The City Council also voted in favor of an ordinance on first reading, raising the City’s hotel-motel tax from 3.5% to the maximum 4% allowed by the State of Tennessee.