$2.3M in City Operating Budget for RDC

In the 2013 Operating Budget, money for the Riverfront Development Corporation (RDC) falls under "Grants & Agencies," which also includes funding for such diverse things as the Coliseum, Delta Commission on Aging. MATA, Urban Art, .... Click on budget sheet to enlarge.

Under an agreement set-up by Mayor Herenton, an annual direct payment from the City plus the income generated from riverfront businesses, leases, and fees flow to the RDC. After 10 years, the public/private RDC was to have been self-sufficient, but, according to the RDC, things aren't so rosy. As Beale Street Landing opens for business, they hope it will be "a wash," but they foresee sustainability problems. This year the RDC projects a $361,000 operating deficit.

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If you have problems with the embedded video coverage of the RDC/City Council Budget Committee session, click HERE.