UPDATED: County approves Bass Pro for Memphis Pyramid

The Shelby County Board of Commissioners on Monday voted 9-3 in favor a development agreement that would bring Bass Pro Shops to The Pyramid in Memphis, Tenn., Memphis Daily News reports.

Attorneys for both the county and city now will begin negotiating terms of a lease agreement. In the next year, Bass Pro will conduct feasibility studies and lay out design plans, and the company can walk away from the project during that year, according to the report.

The one-year development agreement sets quarterly deadlines for the Springfield-based retailer and proposes new market tax credits and sales tax revenue from a Tourism Development Zone, according to the report. The city and county would have to put up $30 million if those funds come up short.

Memphis City Council previously approved the agreement. Shelby County owns part of The Pyramid and has opposed selling off its interest in the facility.

The $100 million project has been in negotiations for about three years. The development plan includes a 150,235-square-foot Bass Pro store, restaurants, an aviary and a museum. After the one-year development period and a two-year construction period, Bass Pro would pay at least $1 million annually to rent The Pyramid, which is the former home of the NBA's Memphis Grizzlies.

Monday's vote came on the heels of a negative recommendation on the agreement from the commission's Economic Development & Tourism Committee. Some committee members were worried the retailer wouldn't meet deadlines or revenue expectations because of the economy.[[In-content Ad]]