Bass Pro sets new target 

August 8, 2007 

Write down this date, but perhaps in pencil with a good eraser: Jan. 31, 2008. 

That's the new target for Bass Pro Shops to sign a lease for The Pyramid, according to the outdoors retailer's latest letter of intent with the city and county. But as with previous agreements, it's nonbinding, and so there's still no guarantee the vacant arena will be converted into a tourist-attracting mega-store. 

The letter of intent says the Springfield, Mo.-based company can walk away if it is "not satisfied with the results of its investigations, studies and planning, for any reason ..." Also, if the project goes forward, Bass Pro may spend only $45 million, rather than the $75 million estimated when the company announced the project in February 2006.

Neither city chief financial officer Robert Lipscomb, who leads the Pyramid redevelopment effort or Bass Pro officials, would comment. Lipscomb referred questions to Mayor Willie Herenton. Attempts to reach him were unsuccessful. Bass Pro president Jim Hagale, who was in Memphis for meetings Monday, was unavailable Tuesday, company spokesman Larry Whiteley said. "If we're ready to make an announcement on what we're going to do, and when we're going to do it, we will do that at one time to all media," he said. 

Through Jan. 31, 2008, Bass Pro will perform due diligence that takes in financial and commercial viability, structural and engineering reviews, design development and architectural plans, geotechnical analysis, building code, land use and marine access.

The letter calls for a lease -- which would be binding -- to be executed at the end of the due diligence period. 

The letter of intent anticipates total project costs of about $75 million, including a public contribution of $30 million. Originally, it was estimated that Bass Pro would spend $75 million to redevelop the arena, and receive $30 million in federal incentives.

The new letter of intent includes the $30 million in the overall estimated costs of $75 million. And it lists it as a "landlord contribution."

The project could include a hotel, aquarium, restaurants, traveling exhibits, conference space, and museum and boat showroom, according to the LOI. The letter also gives Bass Pro the right to have 50- to 60-foot signs on all sides of The Pyramid.

 Bass Pro Shops timeline 

Target completion dates for Bass Pro's due diligence period on The Pyramid mega-store project:

 Aug. 31: Review of building codes, land use and permitting requirements.

 Sept. 30: Receive geotechnical analysis and marine access study.

 Oct. 30: Receive structural and engineering reports.

 Dec. 31: Preliminary site plans due, plus financial and commercial viability analysis.

 Jan. 31, 2008: Finalize development plan, design and architectural plans.