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Posted: 4:46 PM Nov 17, 2008
Shelby County Commission approves Pyramid deal
The Shelby County Commission has approved a development agreement that would turn the vacant Pyramid arena into a Bass Pro Shops retail location.
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MEMPHIS, Tenn. (AP) -- The Shelby County Commission has approved a development agreement that would turn the vacant Pyramid arena into a Bass Pro Shops retail location.
Under the agreement, Bass Pro Shops has 12 months to sign a long-term lease on the arena. The company will pay $35,000 a month for 12 months, and there would be a $500,000 penalty if it backs out of the deal.
The development agreement has already been approved by the Memphis City Council. The commission vote was 9-3, overriding a committee vote last week that rejected the deal.
The 32-story arena opened in 1991, but sits empty beside the Memphis riverfront. The last event there was a concert by Bob Seger and The Silver Bullet Band in February 2007.
The Pyramid was the city's primary sports and entertainment venue until 2004 when the FedExForum opened.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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