Press
'Two-path' Pyramid plan is praised
Strategy by Ritz could produce a decision in two months
By David Williams,
CommercialAppeal.com
February 28, 2008
A decision on who redevelops The Pyramid -- Bass Pro Shops or theme-park
proponent Greg Ericson -- could only be a couple of months away.
That's the projection, at least, based on a strategy proposed Wednesday by
County Commissioner Mike Ritz -- and subsequently praised by several other
elected officials, arena reuse project manager Robert Lipscomb, and -- with
some reservations -- Ericson himself.
Ritz called for a "two-path" plan of assembling the necessary financial
information on both would-be developers, and simultaneously negotiating
deals with each. From that process, which Ritz said could take two months or
more, the city and county could choose one or the other -- or neither -- to
transform the vacant arena.
The plan calls for a real estate firm and a real estate attorney to be
brought in for negotiations, and to work with a committee to include a
council and commission representative, Lipscomb, and county Chief
Administrative Officer Jim Huntzicker.
Ritz said the real estate professionals could produce a better deal for the
city and county, adding, "I wouldn't do either one of these deals, as
they've been pitched. Neither one of the deals, to me, protects the
taxpayers in the way that they should be protected."
The two-path strategy is expected to be voted on by the council and
commission at upcoming meetings, but the early response was strongly in
favor.
"I think that's a great idea. That's the best idea I've heard," said
Lipscomb, who has maintained that Bass Pro is the best option, based on the
study of a national consultant and local committee.
Council member Shea Flinn called the Ritz plan "outstanding."
During Wednesday's three-hour joint meeting of council and commission
members, Flinn pointedly told Ericson that the burden was on him to prove
his group's financial viability, while Bass Pro was a proven commodity with
a track record of building megastores.
"Show us the money," Flinn said. If that happens, he added, "that would go a
long way to getting the true apples-to-apples comparison. I know in the
minds of many people sitting up here, if you get to that point, they like
your apple better than the other apple."
It was a theme of the meeting. Ericson countered: "If we can prove that
financing, will we get that deal?"
In the two-path plan, the proof of financing would be requested, but without
guarantee of the project being awarded.
"It's kind of an odd way to move forward, saying, 'We want you to do this,
this, this and this. And then we might say yes to you,'" Ericson said.
So, will he provide what's requested?
"I can't answer that question until I see what they ask for," Ericson said.
He added, "We want them to review the two projects, make a decision on who
they want to move forward with, and then we'll do whatever they need us to
do from a financial standpoint to move forward."
But ultimately, Ericson seemed to like the two-path plan, which will allow
for a comparison of the two deals.
"As long as it happens quickly, I'm all for it," he said.
Ericson, a Memphis entertainment and marketing executive, also touted his
willingness to commit now, while Missouri-based Bass Pro's proposed
development agreement calls for more study and planning.
"(The city and county) only have one deal on the table right now, and it's
from us," Ericson said. "There is no definite deal from Bass Pro."
