Commercial Real Estate in Memphis and our Galaxy

Memphis taxpayers to repay millions for FedEx Forum parking lot screw-up

I heard about the latest example of how our tax dollars are being spent this morning on WREC 600.

Memphis city government could be held responsible for a payback of millions of dollars for a floor of the FedEx Forum parking garage that was never built and the bus terminal that has elminated from the plans. County Commissioner John Willingham tells NewsRadio 600WREC that amount could be anywhere from $5 to $20 million payable to the Department of Transportation. The DOT funded that part of the project to help with parking and transportation issues around Beale Street.

So the Feds gave Memphis millions of dollars, earmarked for the (never built) sixth floor of the Forum parking garage and a bus terminal. But those two items were never built. So, understandably, Uncle Sam wants his cash back.

According to WREC this morning, the powers that be have "no idea" who made the decision not to follow the plans for the sixth floor and the bus terminal, but I'll bet you a dollar and a quarter they knew they screwed up a long time ago and just brushed it off with "Don't worry about it. They'll never remember what they gave us that money for. Why would we EVER have to pay that back?" Yeah, well now you have to pay it back. And by "you", I mean "Us Taxpayers" and by "pay it back", I mean "pay more taxes to cover your mistakes, City Hall"

June 8, 2006 - Posted by Will Hicks | Commercial Real Estate, Downtown, Memphis | | No Comments

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