Ten months into a good-faith bond agreement, anxious members of the Memphis City Council Economic Development, Tourism and Technology Committee pressed for information on the stalled purchase and renovation of the Downtown Sheraton Hotel during their Tuesday, Aug. 5, meeting.
“I think we were all hoping we would be at a ribbon cutting on renovations at some point this year,” said Committee Chair Jerri Green. “To hear that we haven’t even signed the paperwork is beyond troubling.”
Last October, the council approved a $30 million bond at the request of Memphis Mayor Paul Young to fund the renovations and eventual sale of the hotel to a third-party nonprofit. Both are contingent on a sale of the property to the Carlisle Group.
“This was $30 million, and that’s more than we put toward public transportation,” Green said…