While most citizens are focused on ways to cut
the City budget and concerns about pensions and health care benefits, the
Riverfront Development Corporation (RDC) is seeking a 25% funding increase
& a 5-year management contract extension. The increased funding is in the Wharton Administration proposed budget and will go to the City
Council Budget Committee this Tuesday (4/29/14).
At budget time last spring, the RDC reported a $361,000 operating deficit to the City Council but said they hoped when Beale Street Landing opened they would break even.
By early March this year, that deficit had grown, and the City Council bailed out the RDC with an extra $600,000 to cover "some of the organization’s financial shortfalls." According to the Commercial Appeal
, that boosts this past year's City payment to the RDC to manage the riverfront to $2.9 million.
Currently, the RDC is managing the riverfront on behalf of the city on a contract that runs through June 30, George Little, the city’s chief administrative officer, told the Commercial Appeal. “They want a five-year contract and we’ll go into negotiations with them on that,” Little said. Lendermon said the contract actually expires April 30 and that they’re amending it to get to the June 30 date.