Council designates fairgrounds finance zone - FOX13 News, WHBQ FOX 13

Council designates fairgrounds finance zone

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MEMPHIS, Tenn. (FOX13) -

During Tuesday's Memphis City Council session, council members took the next step in the redevelopment process of the Shelby County Fairgrounds.

Council took the next step by designating a financing zone, which means taxes from money spent in the area around the Fairgrounds will go to redevelopment, instead of the state.

The city is envisioning a sports and recreation magnet for the entire region and the centerpiece will still be Tiger Lane. New development would include a lake, ball fields, an indoor stadium that would seat around 5,000, and even a mixed use development and retail, restaurants, and residential.

The idea is to make it a place you come for the day or weekend, not just the game.

"We also envision a hotel, retail, and so you're really going to have a game day experience," said Chief Financial Officer Robert Lipscomb. "People can go there and stay the whole day, kind of like people do at Beale Street. You don't want people to go to the game and go home, you want them to spend money and really create a destination site for tourism."

After going before a state board, the next step in the process is to find a developer to create a master plan for the area.

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