Memphis taxpayers paid $30 million to convert the long-troubled Memphis Pyramid into a Bass Pro Shops resort. The revenue for that project came from taxes on hotels, motels and car rentals.
Shelby County's debt last year was more than $1 billion, according to the Memphis Commercial Appeal.
The paper said Memphis' debt was more than $1.46 billion
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https://tennesseewatchdog.org/corporate-welfare/
At least the property and business owners were not directly taxed. It sounds like the tourists will pay higher prices when visiting to fund this. But, the residents will no doubt be on the hook if/when there are shortfalls. Regardless, the concept of using public funds, i.e. taxes, to build a private resort is alien to me, and is contrary to a free market.
Memphis is a microcosm of a world-wide problem, UNSUSTAINABLE DEBT. That single factor is going to bring governments around the world down in the next twenty years. Do the 'leaders' of Memphis think for a minute that a Bass Resort is going to retire the City's debt? Going to reduce the City's debt? Going to benefit the residents, in general? If so, they are naive and foolish. Have the Memphis 'leaders' received huge gratuities in one form or another for pushing Bass' agenda? I have no proof, but that is more likely the case. Isn't that how government colludes with the corporate world, to benefit a few at the cost of the many?