Post by The Hammer on Nov 23, 2006 22:29:56 GMT -5
www.wmcstations.com/Global/story.asp?S=5720549
Mid-South Coliseum likely to close on December 31st
It's been the sight of numerous graduations, and, in its day, some amazing concerts. But now, we may be saying good-bye to the Mid-South Coliseum by the end of the year.
It was once a crown jewel of Memphis, now the Mid-South Coliseum is more like cubic zirconium without the shine.
The building has fallen in the shadow of the Pyramid and, more recently, FedEx Forum.
And while the bones look good, the City loses money on this building every year, roughly $300-400,000.
Toss in the fact that it's not in compliance with the Americans with Disabilities Act and you realize that city leaders are faced with a unique problem.
Do you keep a venue that's losing money but that has sentimental value to the community?
Or do you preserve the memories in scrap books, shut the building down and redevelop the space into a potential money maker for the City?
Scott McCormick say the city council has not made a definite decision yet.
In the meantime, the Coliseum can operate through the 31st.
Action News 5 spoke with the City Parks Director earlier this evening. Cynthia Buchanan tells us the administration will recommend that the Coliseum operate at minimal maintenance mode, with only one person on staff and bare use of utilities.
That alone will reduce operating costs by 75 percent.
Certain events will still happen there such as Memphis City Schools' graduation ceremony.
An independent agency operates the coliseum with about eight staff members. They would be affected by the council's decision, but they are not city employees.
The good news about the Coliseum is that the building is all paid for, even though it would take anywhere from two two twenty million to bring it into ADA compliance. There is no debt service on the building.
