BPS big Plans

[Danoinark]

From the Memphis Commercial Appeal:

Bass Pro president to reel off giant plans at The Pyramid

Matthew Craig

The Commercial Appeal

February 24, 2006

Throughout the Pyramid redevelopment process, Bass Pro Shops has assumed the role of serious fisherman -- quietly and stealthily in pursuit of a big catch.

Today, the Springfield, Mo.-based outdoors retailer plans to make a splash. President Jim Hagale will publicly discuss Bass Pro's plans for a Pyramid mega-store during a morning press conference at the arena.

Company officials wouldn't preview Hagale's presentation, but Bass Pro's plans for the project include a hotel, said city chief financial officer Robert Lipscomb.

If completed, a Pyramid Bass Pro could give Memphis a major Downtown tourist attraction, similar in size to the company's 300,000-square-foot flagship facility in Springfield. That store, which includes a waterfall, shooting ranges and restaurants, draws 4 million visitors annually.

Fishing legend Bill Dance, who lives near Collierville and is a longtime friend of Bass Pro founder Johnny Morris, said the store would be a source of local pride and serious economic impact.

"It will skyrocket tourism for Memphis, and the Downtown area, especially," said Dance, whose "Bill Dance Outdoors" TV show has Bass Pro as a sponsor.

"What (Morris) wants to do, the ideas he's got, will just mindboggle you."

Kevin Kane, president of the Memphis Convention & Visitors Bureau, said, "We know the track record of Bass Pro and what they can do, especially with these mega-stores.

"We know what that means to a community. We know what that means to the economy."

Bass Pro was the No. 1 choice of a public-private committee seeking a re-use for the former home of Grizzlies and University of Memphis basketball and major concerts.

After months of negotiation, the company recently signed a nonbinding letter of intent to develop The Pyramid.

The letter is a precursor to a development agreement.

According to proposed terms, Bass Pro could receive $30 million in federal incentives, based on the company spending $75 million to redevelop the arena.

There would be no city or county financial incentives.

Also, Bass Pro would pay a minimum of $1 million annually in rent or taxes, payments which could help retire the remaining building debt. The city and county owe a combined $33.8 million in principal and interest.

What's in this for Bass Pro? Hagale will doubtless answer that question today.

But Kane said, "I think it's a great opportunity for them. The Pyramid is our St. Louis arch. It's an iconic symbol.

"It's visible to the interstate. There's access to tens of thousands of visitors that drive over that bridge every day and see that facility."

Another question for Hagale today: What, exactly, would the project include beyond acres of shopping and a hotel?

National consultants working for the public-private committee suggested pairing a major "destination retailer" with an entertainment attraction.

The most prominent entertainment proposal has been an indoor theme park.

Yet another question for Hagale: Would a Memphis project move more swiftly than a similar project in Buffalo, N.Y.?

The company in late 2004 announced plans to covert Buffalo's old Memorial Auditorium into a store and add a hotel.

But a formal contract has reportedly yet to be signed.

-- David Williams: 529-2310

[DarthVMAX]

Very intersting...thanks for the info.