$600 MILLION FOR A NEW CONVENTION CENTER???

If there ever was a great argument for term limits, Mayor Willie Herenton makes the case. Now after blowing over $100 million for our present convention center ($60 million over budget), he is now talking about $600 million +++ for a new convention center.Guess where he (and unnamed others want it), close to the Peabody Hotel , Beale Street, the new Westin Hotel and the FedEx Arena. Look at the attached map. I have been told that they are talking about the area bounded on the east by S. Danny Thomas, on the north by Union Avenue, on the west by Hernando and on the south by Gayoso. I wonder what or who influenced this location?

First of all regardless of where it is, it makes no financial sense at all. The Mayor and Kevin Kane talk about keeping up with the Jones (read Nashville). They are talking about a $600 million dollar new Nashville convention center which has been proposed but at this point it is still just talk. At least in Davidson County they have a provision in their charter that there will be NO PROPERTY TAX INCREASE WITHOUT VOTER APPROVAL. Naturally we do not have such a provision in either our City or County charter, although I proposed that when I ran for City Council.

This is just a warning to beware of Greeks bearing gifts, or Mayors promising development without risks to your pocketbooks. I have also attached two newspapers articles about similar no risk Tourist Development Zone financial deals in Chattanooga, Knoxville and Sevierville. Have a nice week.

Click here to see where Herenton wants the proposed new $600 million dollar convention center to be located

Click here to read about the Sevierville project. Sevierville has a $39 million dollar operating budget but is on the hook for $180 million in development costs

Click here to read about the downtown development in Chattanooga using TDZ bonds