City Council voted 9-0 Tuesday to approve a loan of $9M in U.S. Housing and Urban Development funds to the newly formed Great American Steamboat Co. The loan plus $15.5M to be raised by private investors will be used to purchase and refurbish the American Queen steamboat for overnight cruises and to complete the $39M Beale Street Landing project. The newly formed Great American Steamboat Co. will set up their home office in Memphis and expects to repay the City loan from boarding fees and local sales taxes.
WMC-TV has posted the information presented to City Council; click HERE.
Click HERE for coverage by the Commercial Appeal; HERE for coverage in the Daily News.