Time to call a "time-out", get independent audit and analysis!
Sports fans all know that a time-out is a good thing - a chance to see what's working, what's not working, and make adjustments. Memphis definitely needs one on the riverfront.
The numbers are in disarray. They keep changing and the city's share keeps going up. No one is clear what's been spent, what the earmarks are actually for, or what contracts have actually been signed. And no answers have been given to the important questions about paying for future maintenance and operation of the boat dock.
May 2009 Hand-out to City Council during budget hearings showed:
Total estimated cost of BSL - $33M
City’s share: $22.3M
$ 7.4M City money spent
$ 3.6M State money spent
$14.9M City money, not yet spent
$7.9M Federal money, not yet spent
(Click image at right to enlarge hand-out)
Dec. 13, 2009 Commercial Appeal reported:
$8.9M additional funding request to City as a result of $8.2M in cost over-runs and $1.4M reduction in federal funds.
Based on those numbers, it looks like the design and construction cost of BSL is now around $41.3M, with the City’s share at $31.2M. And that doesn't include what we'll have to pay to operate and maintain the boat dock if it's built.