Bass Pro close to deal on Memphis Pyramid

Bass Pro Shops' plans to transform The Pyramid in Memphis, Tenn., into a combination of retail space and conservation exhibits are still progressing, according to a Tuesday report in the Memphis Commercial Appeal.

The paper reports that Bass Pro President Jim Hagale gave an update to Memphis City Council by conference call, saying the company hopes to have a deal in place in the next 30 to 60 days.

"We've been going through this process for a very long time. There have been times along the way that we were pretty disappointed and disillusioned with our lack of ability to come to a conclusion on this," Hagale said during the call. "Recently I have felt more comfortable and confident. I feel that we can get this done."

Bass Pro has been paying $35,000 a month since November to the city and Shelby County, which gave the retailer 12 months to finish planning and acquiring the needed permits to sign a long-term lease. Bass Pro also has agreed to pay a $500,000 penalty if it pulls out of the deal, the paper said.

Memphis city officials say an additional $20 million investment is needed to meet code and seismic requirements, adding that the money would likely come from federal funds and grants.

"We have said from Day 1 that we wanted to do this project with no cost to taxpayers," said Robert Lipscomb, director of the city's Housing and Community Development department.

Bass Pro's plans reportedly call for a $100 million project that would turn the iconic Memphis facility into a retail shop devoted to the outdoors and a conservation exhibit focused on Mississippi River wildlife.