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.

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