Is The Sears Crosstown Project Worth The Investment?

(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

11 comments

  • Mike

    This might be a project that could be positive for the city, but the goverment is broke according to the mayor and city council. My question, and concern, is whether or not any members of the city council have a professional and personal financial interest in this project, and if they do they should not have been involved with the vote, as that is a conflict of interest in my opinion.

  • John

    1.5 million from the street work fund!!! No wonder potholes are popping up everywhere and all they do is put a safety cone over it

  • Wake Up

    I hope I’m wrong but I think they ought to paint it white and put some tusks and a trunk on it. The only people this probably benefits are the politically connected contractors. It’s better money than that fifty million dollar boat dock Willie stuck us with.

  • TigreNoir

    Everything the Memphis city government gets involved in turns to crap.- Pyramid, airport, Titans, roadways.. Memphis has the most corrupt politicians in Tennessee or the stupidest – whichever, they spend our money like drunkards.

  • ??

    Check out the CAFR (Comprehensive Annual Financial Report) and see where the money is going to. People did a study CAFR study about the State of California and found out they had billions in reserves. The State/City governments can sustain themselves w/o extra taxes taken from the people. That’s the illusion. But since, the FRN (Federal Reserve Notes) are not real currency, I guess you could say that they’re bankrupt.

  • nina

    If private funds want to do this – GREAT!! I think the building is worth saving. I don’t think the taxpayers should do it. The city is broke and cannot take care of the things it should.

  • Long Gone

    If you live in the city of Memphis. You’re a victim.

    900,000 from the storm water fund. That was money they just had to have to stop flooding.
    If your home floods you should sue them and cite this article.

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