Debate with Tom Jones on Delta Does Memphis regarding the Pyramid/Bass Pro Funding.

This started out as a simple comment of mine on the Delta Does Memphis site about the city of Memphis spending +$100Million on preparing the Pyramid for Bass Pro. The logic is that the deal will take the building off the city's hands and create a long-term revenue stream that will pay back the city over time. My problem with the deal is that the city is deep in debt and really can't afford it, it isn't a good use of public deb to fund private enterprise, and more importantly there are better uses for $100M than this project that will produce just a few hundred low paying jobs and mayb e stimulate business downtown. I suggested google fiber as a great way to stimulate technology startups in Memphis. Tom Jones had a real problem understanding that this project IS CITY OF MEMPHIS DEBT, which was my point. I thought he acted like a first class jerk in his response...

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Mickey Moylan shared WYN 106.9's video.

April 28 at 3:56pm · Edited

This place is gonna be awesome for Memphis it is a one of kind place

01:05

394,310 Views

WYN 106.9

IT'S FINALLY HERE! Bass Pro Shops at the Pyramid
Grand Opening festivities start tomorrow (Wed) night!

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• 21 people like this.
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  BlueNile TravelGroup this makes me so sad

  April 28 at 9:35pm · Like
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  Tom Wainscott Why sad, 600 jobs...millions in tax revenue, a great use for a dead building, should bring the Pinch District back to life....I just dont see a down side.

  April 28 at 10:23pm · Like · 2
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  Shep Fargotstein Tom: The city SPENT $102,000,000 on improving the pyramid and gave Bass Pro a 55 year lease to boot. I have not seen the terms the city put on Bass Pro in the agreement. Can they back out in 20 years? What is the penalty? With that said, it will take d...See More

  Yesterday at 8:19am · Like · 1
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  Tom Jones The city portion of the project was $87 million, and the redevelopment of The Pyramid makes it just about the only former arena put into a new job-producing, revenue producing use. The other $15 million the media often includes was to remove the Lone ...See More

  Yesterday at 4:10pm · Like · 5
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  Shep Fargotstein Tom: You must be either on City payroll or drank the bong water to say there is not city debt in the Bass Pro Project. See the Memphis Business Journal article below: http://www.bizjournals.com/.../with-store-opening-a-look...

  

  With store opening looming, a look at the Bass Pro TDZ bonds - Memphis...

  BIZJOURNALS.COM

  12 hrs · Like · Remove Preview
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  Shep Fargotstein Here is a direct link to the over $200 milllion in bonds the City Underwrote for the Bass Pro Project:  http://emma.msrb.org/EP571544-EP448259-EP848156.pdf The fact that the MEMPHIS CENTER CITY REVENUE FINANCE CORPORATION aactually wrote the...See More

  12 hrs · Edited · Like
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  Tom Jones Shep:
  
  I can always count on you for an immature, snarky comment, so thanks for being consistent. I’ve previously read all the documents that you cited as well as the bond attorneys’ letters related to this issuance. As you can see from reading the b...See More

  9 hrs · Like · 1
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  Shep Fargotstein This Official Statement relates to the issuance by the Memphis Center City Revenue Finance Corporation (the "Issuer") of $40,540,000 in aggregate principal amount of its Federally Taxable Senior Revenue Bonds, Series 2011A (Pyramid and Pinch District R...See More

  8 hrs · Like
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  Shep Fargotstein Tom: I seriously doubt you or many of the politicians who voted for this outrageous subsidy of a private enterprise actually read the prospectus on the bonds...the above is just the introduction...It is very clear from the summary below taken verbatim makes it clear that this is...in the end... a debt of the city...The MCCRF is an entity used as "smoke and mirrors" to sell this boondogle to the public and the politicians who don't care to read the fine print. Here it is................ ........................................................................."This Official Statement relates to the issuance by the Memphis Center City Revenue Finance Corporation (MCCRF -the "Issuer")…… ........... the proceeds of the Series 2011 Bonds will be used to, among other things, provide funds to make a loan (the "Series 2011 Loan") to the City of Memphis, Tennessee (the "City")…. ............ The Series 2011 Bonds are limited obligations of the Issuer secured by an assignment and pledge of the Trust Estate, which consists primarily of the payments and prepayments required to be made by the City under and pursuant to the Loan Agreement which are to be made from the TDZ Revenues (as defined herein)……. ................ In order to further secure the Subordinate Bonds, the City and the Issuer will enter into a Debt Service Reserve Replenishment Agreement dated as of September 1, 2011 (the "Replenishment Agreement"), pursuant to which the City will agree to appropriate and pay, from Non‐Tax Revenues following receipt of a Deficiency Notice (as defined herein), money sufficient to restore the Subordinate Debt Service Reserve Account to the Subordinate Debt Service Reserve Requirement as described in more detail herein. ................................................If the city had proposed a $100M subsidy to google to bring their google fiber to Memphis, we would be able to jump start REAL MEANINGFUL community development that would have long-term benefits and create good jobs in a specific area of Memphis. To say Bass Pro disn't add debt to the City of Memphis is not even technically correct.

  8 hrs · Edited · Like
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  Tom Jones Since I just told you I had read it and you "seriously doubt" that I have, I really don't see the point of talking with you any further. It's like trying to discuss something with a climate change denier.

  8 hrs · Like · 1
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  Shep Fargotstein I never said anything about climate change.

  5 hrs · Like
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  Tom Jones Good Lord. You seem to write before you even read what I've said or take the time to understand it. You started this all off by asking me to answer a question. I did that. I'm not interested, nor do I have the time today, to engage in the kind of puerile debates that you seem to relish.

  5 hrs · Like · 2
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  Terri Richards Knight @Tom Jones -- can't help it, but I am rolling on the floor laughing at you!!!!

  5 hrs · Like
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  Tom Jones Terri Richards Knight I miss seeing you.

  4 hrs · Like · 1
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