Bass Pro Deal is Signed

MEMPHIS, Tenn. - Bass Pro Shops and Memphis have signed a 55-year lease to turn The Pyramid into a $100 million center for restaurants, shops and offices.

Mayor Wharton called it a huge addition to the Pinch District saying the new business will bring tourism from all over.

The Springfield, Mo. based retailer of outdoor sports products will pay the city rent of 2 percent of gross annual sales or $880,000 during the first year and $1 million in subsequent years.

The Bass Pro deal will go before the city council on July 27th. The lease calls for $30 million from the city for construction.

The planned opening is November 2011.