(Memphis) The City of Memphis is putting $15 Million in for the renovation of the massive Sears Crosstown building.
But is this money well spent?
Backers say the project will be self sustaining and revitalize the area.
The city moved over a million dollars from the street work fund to pay for it.
The entire redevelopment of the Sears Crosstown building will cost nearly $200 millio.
The building will house a charter school, apartments, non-profit offices and medical centers.
Here’s the breakdown of how the city will pay for it:
- More than $12 million will come from federal grants.
- About $900,000 comes from the storm water fund
- About $500,000 from the MLGW street light fund
- Also, $1.5 million from the street work fund